REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
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|
| ||
|
* |
American Depositary Receipts evidence American Depositary Shares, each American Depositary Share representing two shares of the registrant’s Common Stock. |
** |
No par value. Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the U.S. Securities and Exchange Commission. |
☒ |
Accelerated filer ☐ |
Non-accelerated filer ☐ | ||
Emerging growth company |
† |
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
ITEM 1. |
1 |
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ITEM 2. |
1 |
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ITEM 3. |
1 |
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3.A |
1 |
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3.B |
4 |
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3.C |
4 |
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3.D |
4 |
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ITEM 4. |
8 |
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4.A |
8 |
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4.B |
8 |
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4.C |
50 |
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4.D |
51 |
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ITEM 4A. |
52 |
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ITEM 5. |
52 |
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5.A |
52 |
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5.B |
83 |
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5.C |
85 |
|||||
5.D |
88 |
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5.E |
88 |
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5.F |
89 |
|||||
5.G |
90 |
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ITEM 6. |
90 |
|||||
6.A |
90 |
|||||
6.B |
97 |
|||||
6.C |
100 |
|||||
6.D |
102 |
|||||
6.E |
102 |
|||||
ITEM 7. |
103 |
|||||
7.A |
103 |
|||||
7.B |
104 |
|||||
7.C |
105 |
|||||
ITEM 8. |
105 |
|||||
8.A |
105 |
|||||
8.B |
105 |
|||||
ITEM 9. |
105 |
|||||
9.A |
105 |
|||||
9.B |
105 |
|||||
9.C |
106 |
|||||
9.D |
106 |
|||||
9.E |
106 |
|||||
9.F |
106 |
|||||
ITEM 10. |
106 |
|||||
10.A |
106 |
|||||
10.B |
106 |
|||||
10.C |
114 |
|||||
10.D |
114 |
10.E |
118 |
|||||
10.F |
124 |
|||||
10.G |
124 |
|||||
10.H |
125 |
|||||
10.I |
125 |
|||||
ITEM 11. |
125 |
|||||
ITEM 12. |
126 |
|||||
12.A |
126 |
|||||
12.B |
126 |
|||||
12.C |
126 |
|||||
12.D |
127 |
|||||
ITEM 13. |
128 |
|||||
ITEM 14. |
128 |
|||||
ITEM 15. |
128 |
|||||
ITEM 16. |
129 |
|||||
ITEM 16A. |
129 |
|||||
ITEM 16B. |
129 |
|||||
ITEM 16C. |
130 |
|||||
ITEM 16D. |
131 |
|||||
ITEM 16E. |
131 |
|||||
ITEM 16F. |
132 |
|||||
ITEM 16G. |
132 |
|||||
ITEM 16H. |
135 |
|||||
ITEM 17. |
136 |
|||||
ITEM 18. |
136 |
|||||
ITEM 19. |
137 |
ITEM |
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM |
2. OFFER STATISTICS AND EXPECTED TIMETABLE |
I |
TEM 3. KEY INFORMATION |
Year Ended March 31, |
||||||||||||||||||||
2016 |
2017 |
2018 |
2019 |
2020 |
||||||||||||||||
(Yen in millions, except share and per share data) |
||||||||||||||||||||
Consolidated Statement of Income Data: |
||||||||||||||||||||
Automotive: |
||||||||||||||||||||
Revenues |
¥ | 25,977,416 |
¥ | 25,081,847 |
¥ | 26,397,940 |
¥ | 27,079,077 |
¥ | 26,863,514 |
||||||||||
Operating income |
2,448,998 |
1,692,973 |
2,011,135 |
2,038,884 |
2,052,346 |
|||||||||||||||
Financial Services: |
||||||||||||||||||||
Revenues |
1,896,224 |
1,823,600 |
2,017,008 |
2,153,547 |
2,190,559 |
|||||||||||||||
Operating income |
339,226 |
222,428 |
285,546 |
322,821 |
292,183 |
|||||||||||||||
All Other: |
||||||||||||||||||||
Revenues |
1,177,387 |
1,321,052 |
1,646,118 |
1,676,377 |
1,504,550 |
|||||||||||||||
Operating income |
66,507 |
81,327 |
100,812 |
105,538 |
96,655 |
|||||||||||||||
Elimination of intersegment: |
||||||||||||||||||||
Revenues |
(647,909 |
) | (629,306 |
) | (681,556 |
) | (683,320 |
) | (628,631 |
) | ||||||||||
Operating income |
(760 |
) | (2,356 |
) | 2,369 |
302 |
1,685 |
|||||||||||||
Total Company: |
||||||||||||||||||||
Revenues |
28,403,118 |
27,597,193 |
29,379,510 |
30,225,681 |
29,929,992 |
|||||||||||||||
Operating income |
2,853,971 |
1,994,372 |
2,399,862 |
2,467,545 |
2,442,869 |
|||||||||||||||
Income before income taxes and equity in earnings of affiliated companies |
2,983,381 |
2,193,825 |
2,620,429 |
2,285,465 |
2,554,607 |
|||||||||||||||
Net income attributable to Toyota Motor Corporation |
2,312,694 |
1,831,109 |
2,493,983 |
1,882,873 |
2,076,183 |
|||||||||||||||
Net income attributable to Toyota Motor Corporation per common share (yen): |
||||||||||||||||||||
Basic |
741.36 |
605.47 |
842.00 |
650.55 |
735.61 |
|||||||||||||||
Diluted |
735.36 |
599.22 |
832.78 |
645.11 |
729.50 |
|||||||||||||||
Shares used in computing net income attributable to Toyota Motor Corporation per common share, basic (in thousands) |
3,111,306 |
3,008,088 |
2,947,365 |
2,871,534 |
2,798,918 |
|||||||||||||||
Shares used in computing net income attributable to Toyota Motor Corporation per common share, diluted (in thousands) |
3,144,947 |
3,055,826 |
2,994,766 |
2,918,674 |
2,846,018 |
Year Ended March 31, |
||||||||||||||||||||
2016 |
2017 |
2018 |
2019 |
2020 |
||||||||||||||||
(Yen in millions, except per share and numbers of vehicles sold data) |
||||||||||||||||||||
Consolidated Balance Sheet Data (end of period): |
||||||||||||||||||||
Total Assets: |
47,427,597 |
48,750,186 |
50,308,249 |
51,936,949 |
52,680,436 |
|||||||||||||||
Short-term debt, including current portion of long-term debt |
8,521,088 |
9,244,131 |
9,341,190 |
9,599,233 |
9,860,071 |
|||||||||||||||
Long-term debt, less current portion |
9,772,065 |
9,911,596 |
10,006,374 |
10,550,945 |
10,692,898 |
|||||||||||||||
Toyota Motor Corporation shareholders’ equity |
16,746,935 |
17,514,812 |
18,735,982 |
19,348,152 |
20,060,618 |
|||||||||||||||
Common stock |
397,050 |
397,050 |
397,050 |
397,050 |
397,050 |
|||||||||||||||
Other Data: |
||||||||||||||||||||
Dividends per share (yen) |
¥ | 210.0 |
¥ | 210.0 |
¥ | 220.0 |
¥ | 220.0 |
¥ | 220.0 |
||||||||||
Number of vehicles sold |
||||||||||||||||||||
Japan |
2,059,093 |
2,273,962 |
2,255,313 |
2,226,177 |
2,239,549 |
|||||||||||||||
North America |
2,839,229 |
2,837,334 |
2,806,467 |
2,745,047 |
2,713,165 |
|||||||||||||||
Europe |
844,412 |
924,560 |
968,077 |
994,060 |
1,028,537 |
|||||||||||||||
Asia |
1,344,836 |
1,587,822 |
1,542,806 |
1,684,494 |
1,604,870 |
|||||||||||||||
Other* |
1,593,758 |
1,347,182 |
1,391,731 |
1,327,017 |
1,372,302 |
|||||||||||||||
Worldwide total |
8,681,328 |
8,970,860 |
8,964,394 |
8,976,795 |
8,958,423 |
|||||||||||||||
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East, etc. |
Cash Dividends per Common Share |
||||||||
Period Ended |
Yen |
U.S. dollars |
||||||
September 30, 2014 |
75.0 |
0.68 |
||||||
March 31, 2015 |
125.0 |
1.04 |
||||||
September 30, 2015 |
100.0 |
0.83 |
||||||
March 31, 2016 |
110.0 |
0.97 |
||||||
September 30, 2016 |
100.0 |
0.98 |
||||||
March 31, 2017 |
110.0 |
0.98 |
||||||
September 30, 2017 |
100.0 |
0.88 |
||||||
March 31, 2018 |
120.0 |
1.12 |
||||||
September 30, 2018 |
100.0 |
0.88 |
||||||
March 31, 2019 |
120.0 |
1.08 |
||||||
September 30, 2019 |
100.0 |
0.92 |
||||||
March 31, 2020 |
120.0 |
1.10 |
ITEM |
4. INFORMATION ON THE COMPANY |
Yen in millions |
||||||||||||
Year Ended March 31, |
||||||||||||
2018 |
2019 |
2020 |
||||||||||
Automotive |
26,347,229 |
27,034,492 |
26,834,485 |
|||||||||
Financial Services |
1,959,234 |
2,120,343 |
2,170,243 |
|||||||||
All Other |
1,073,047 |
1,070,846 |
925,264 |
Yen in millions |
||||||||||||
Year Ended March 31, |
||||||||||||
2018 |
2019 |
2020 |
||||||||||
Japan |
9,273,672 |
9,520,148 |
9,522,905 |
|||||||||
North America |
10,347,266 |
10,585,934 |
10,416,582 |
|||||||||
Europe |
2,940,243 |
3,055,654 |
3,138,755 |
|||||||||
Asia |
4,497,374 |
4,832,392 |
4,828,635 |
|||||||||
Other* |
2,320,955 |
2,231,553 |
2,023,115 |
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
• | social, political and economic conditions; |
• | introduction of new vehicles and technologies; and |
• | costs incurred by customers to purchase and operate automobiles. |
• | Safety is Toyota’s highest priority, and Toyota will continue to provide world-class safety. |
• | Toyota will also continue to contribute to environmental quality and to human happiness by using leading environmental technology and by deploying that technology in a growing line of vehicle models. At the same time, Toyota will work through the provision of products, sales and services that exceed customer expectation to offer a rewarding experience for customers. |
• | Toyota has been consistently true to its founding spirit of serving society through conscientious manufacturing, and it will continue working in that spirit to contribute to enhance the quality of life wherever it has operations. |
• | Toyota will strive to continue contributing to economic vitality wherever it has operations by generating stable employment and by participating in mutually beneficial business relationships with dealers and suppliers. It will also strive to continue to actively engage in initiatives for human resources development and the promotion of cultural activities of its host communities. |
• | Toyota will lead the industry in technological development that will spawn next-generation mobility. For example, it will explore possibilities in personal mobility and in the convergence of information technology for automobiles and “smart grids” for optimizing energy generation and consumption. Toyota will strive to offer products and services that match the needs in each market. |
• | Toyota will strive to advance environmental technology and develop low-carbon technologies and technologies for maximizing safety through interaction with the transport infrastructure to lay a foundation for sustainable and amenable future mobility. |
• | Toyota is committed to providing quality vehicles that are highly reliable and driven with a sense of safety and reliability. |
• | Toyota will constantly reinvent itself and continue to engage in cutting-edge technology development. Toyota will work towards offering vehicles around the world that address the needs of today and of tomorrow at affordable prices. |
• | Toyota will continue working to minimize environmental impact in its manufacturing and other operations, as well as in its products. |
• | Toyota’s activities will include conserving energy and reducing output of carbon dioxide, as well as conserving material resources through recycling; it will also include establishing mindsets and production methods appropriate for coexistence with nature. |
• | Everyone at Toyota will continuously maintain a sense of gratitude to customers and will strive to earn smiles with products and services that are stimulating and inspiring and exceed customer expectations. |
• | All Toyota employees will share the recognition that there is always a better way and share a commitment to continuous improvement, which are fundamental to The Toyota Way. |
• | Toyota will nurture a corporate culture where teamwork and individual creativity thrive and where people will approach their work with pride and passion. |
• | Toyota will honor the spirit of diversity in recruiting, training and promoting capable individuals around the world. Human resources development at Toyota will continue to promote the transfer of the company’s monozukuri know-how from one generation to the next. |
1. | New Vehicle Zero CO 2 Emissions Challenge:2 emissions during operation from new vehicles by 90% from Toyota’s 2010 global level by 2050 |
• | Make annual global sales of more than 5.5 million electrified vehicles, including more than 1 million zero-emission vehicles (electric vehicles (“EVs”) and FCVs) |
2. | Life Cycle Zero CO 2 Emissions Challenge: 2 emissions from the entire vehicle life cycle |
• | Reduce CO 2 emissions by 25% or more over the entire vehicle life cycle compared to 2013 levels by promoting activities for the milestones of Challenges 1 and 3, and with support from stakeholders such as suppliers, energy providers, infrastructure developers, governments and customers |
3. | Plant Zero CO 2 Emissions Challenge: 2 emissions at all plants worldwide by 2050 |
• | Reduce CO 2 emissions from global plants by 35% compared to 2013 levels |
4. | Challenge of Minimizing and Optimizing Water Usage : |
• | Implement measures, on a priority basis, in the regions where the impact on the water environment is considered to be large |
• | Water quantity: Complete measures at the four Challenge-focused plants in North America, Asia, and Southern Africa |
• | Water quality: Complete impact assessment and measures at all of the 22 plants where used water is discharged directly into rivers in North America, Asia and Europe |
• | Disclose information appropriately and communicate actively with local communities and suppliers |
5. | Challenge of Establishing a Recycling-Based Society and Systems : End-of-life vehicle treatment and recycling technologies and systems developed in Japan |
• | Complete establishment of battery collection and recycling systems globally |
• | Complete set up of 30 model facilities for appropriate treatment and recycling of end-of-life vehicles |
6. | Challenge of Establishing a Future Society in Harmony with Nature : |
• | Realize “Plants in Harmony with Nature” — Twelve plants in Japan and seven plants overseas — as well as implement harmony-with-nature activities in all regions where Toyota is based in collaboration with local communities and companies |
• | Contribute to biodiversity conservation activities in collaboration with NGOs and others |
• | Expand initiatives both in-house and externally to foster environmentally conscious persons responsible for the future |
Year Ended March 31, |
||||||||||||||||||||||||||||||||||||||||
2016 |
2017 |
2018 |
2019 |
2020 |
||||||||||||||||||||||||||||||||||||
Units |
% |
Units |
% |
Units |
% |
Units |
% |
Units |
% |
|||||||||||||||||||||||||||||||
Market |
||||||||||||||||||||||||||||||||||||||||
Japan |
2,059,093 |
23.7 |
% | 2,273,962 |
25.4 |
% | 2,255,313 |
25.2 |
% | 2,226,177 |
24.8 |
% | 2,239,549 |
25.0 |
% | |||||||||||||||||||||||||
North America |
2,839,229 |
32.7 |
2,837,334 |
31.6 |
2,806,467 |
31.3 |
2,745,047 |
30.6 |
2,713,165 |
30.3 |
||||||||||||||||||||||||||||||
Europe |
844,412 |
9.7 |
924,560 |
10.3 |
968,077 |
10.8 |
994,060 |
11.1 |
1,028,537 |
11.5 |
||||||||||||||||||||||||||||||
Asia |
1,344,836 |
15.5 |
1,587,822 |
17.7 |
1,542,806 |
17.2 |
1,684,494 |
18.7 |
1,604,870 |
17.9 |
||||||||||||||||||||||||||||||
Other* |
1,593,758 |
18.4 |
1,347,182 |
15.0 |
1,391,731 |
15.5 |
1,327,017 |
14.8 |
1,372,302 |
15.3 |
||||||||||||||||||||||||||||||
Total |
8,681,328 |
100.0 |
% | 8,970,860 |
100.0 |
% | 8,964,394 |
100.0 |
% | 8,976,795 |
100.0 |
% | 8,958,423 |
100.0 |
% | |||||||||||||||||||||||||
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East, etc. |
(Thousands of Units) |
||||||||||||||||||||
Fiscal Year Ended March 31, |
||||||||||||||||||||
2016 |
2017 |
2018 |
2019 |
2020 |
||||||||||||||||
Japan: |
||||||||||||||||||||
Total market sales (excluding mini-vehicles) |
3,126 |
3,360 |
3,340 |
3,339 |
3,185 |
|||||||||||||||
Toyota sales (retail basis, excluding mini-vehicles) |
1,462 |
1,607 |
1,565 |
1,532 |
1,553 |
|||||||||||||||
Toyota market share |
46.8 |
% | 47.8 |
% | 46.9 |
% | 45.9 |
% | 48.8 |
% | ||||||||||
(Thousands of Units) |
||||||||||||||||||||
Calendar Year Ended December 31, |
||||||||||||||||||||
2015 |
2016 |
2017 |
2018 |
2019 |
||||||||||||||||
North America: |
||||||||||||||||||||
Total market sales |
20,804 |
21,191 |
20,887 |
21,186 |
20,379 |
|||||||||||||||
Toyota sales (retail basis) |
2,817 |
2,798 |
2,791 |
2,798 |
2,757 |
|||||||||||||||
Toyota market share |
13.5 |
% | 13.2 |
% | 13.4 |
% | 13.2 |
% | 13.5 |
% | ||||||||||
Europe: |
||||||||||||||||||||
Total market sales |
18,971 |
19,968 |
20,721 |
21,324 |
20,751 |
|||||||||||||||
Toyota sales (retail basis) |
874 |
928 |
1,002 |
1,035 |
1,089 |
|||||||||||||||
Toyota market share |
4.6 |
% | 4.6 |
% | 4.8 |
% | 4.9 |
% | 5.3 |
% | ||||||||||
Asia (excluding China): |
||||||||||||||||||||
Total market sales |
9,287 |
9,541 |
10,078 |
10,710 |
9,726 |
|||||||||||||||
Toyota sales (retail basis) |
1,249 |
1,305 |
1,318 |
1,365 |
1,347 |
|||||||||||||||
Toyota market share |
13.4 |
% | 13.7 |
% | 13.1 |
% | 12.7 |
% | 13.8 |
% |
Fiscal Year Ended March 31, |
||||||||||||||||||||
2016 |
2017 |
2018 |
2019 |
2020 |
||||||||||||||||
Units Produced |
||||||||||||||||||||
Japan |
3,980,576 |
4,109,038 |
4,285,844 |
4,308,903 |
4,413,162 |
|||||||||||||||
North America |
1,970,053 |
2,062,862 |
1,902,304 |
1,840,502 |
1,807,289 |
|||||||||||||||
Europe |
564,934 |
637,352 |
681,048 |
679,380 |
674,125 |
|||||||||||||||
Asia |
1,605,345 |
1,674,468 |
1,601,473 |
1,681,783 |
1,521,551 |
|||||||||||||||
Other* |
454,991 |
491,789 |
493,464 |
474,618 |
403,495 |
|||||||||||||||
Total |
8,575,899 |
8,975,509 |
8,964,133 |
8,985,186 |
8,819,622 |
* | “Other” consists of Central and South America, Oceania and Africa. |
• | “ Just-in-Time |
• | “ Jidoka |
Dealers |
||||||||||||||
Channel |
Toyota Owned |
Independent |
Total |
Market Focus | ||||||||||
Toyota |
1 |
47 |
48 |
Luxury channel for Toyota brand vehicles | ||||||||||
Toyopet |
2 |
49 |
51 |
Leading channel for the medium market | ||||||||||
Corolla |
1 |
71 |
72 |
Volume retail channel centering on compact models | ||||||||||
Netz |
1 |
103 |
104 |
Sales channel targeting customers with new values for the 21 st century | ||||||||||
Other |
1 |
— |
1 |
Toyota Mobility Tokyo * Integration of Toyota’s four directly owned sales companies in Tokyo (since April 2019) | ||||||||||
Brand |
Sales Outlets |
Market Focus | ||||||||||||
Lexus |
172 |
Premium brand |
Country/Region |
Number of Countries |
Number of Distributors |
||||||
North America |
3 |
5 |
||||||
Europe |
53 |
29 |
||||||
China |
1 |
4 |
||||||
Asia (excluding China) |
19 |
13 |
||||||
Oceania |
17 |
15 |
||||||
Middle East |
16 |
14 |
||||||
Africa |
55 |
49 |
||||||
Central and South America |
39 |
40 |
• | working with suppliers as one team to dramatically increase the efficiency of development; |
• | creating a production structure that can better withstand fluctuations in demand and currency exchange rates; and |
• | strengthening sales capabilities in line with local conditions. |
• | improving product development and production efficiencies through the re-integration and improvement of vehicle platforms and power trains as well as through the development of electronic platforms which organize electronic devices of vehicles as a package and standardize electronic structure and infrastructure; |
• | reinforcing and promoting Ryohin-Renka Cost Innovation (“RR-CI”) activity, which aims for the elimination of waste in all processes from design to production while ensuring the reliability and safety of each part; |
• | “developing a real cost-competitive structure” by working together with suppliers; |
• | applying advanced information technologies to improve efficiency throughout the product development and production processes; |
• | globally reinforcing the supply base under an open and fair purchasing policy; |
• | streamlining production systems; and |
• | improving the efficiency of domestic and international distribution. |
• | Pillar 1 — Connect All Cars |
• | Pillar 2 — Creation of New Value and Business Revolution |
• | Pillar 3 — Creation of New Mobility Services |
• | The operation of “ETC2.0” commenced in 2009 and corresponding products are available for purchase. Mainly for use on highways, this service provides drivers with information related to road traffic and safe driving that is transmitted from road infrastructures to car navigation systems via video and voice. |
• | “ITS Connect,” a driving safety support system that uses a dedicated ITS frequency of 760 MHz, was introduced in the fall of 2015. Through direct and continuous exchange of information between vehicles and the road and among vehicles, this system aims to mitigate accidents near intersections, which have been difficult to mitigate to date. The system also includes Communicating Radar Cruise Control features, which supports smooth acceleration and deceleration when following behind another vehicle. From August 2017, Toyota and Mazda started a partnership in the field of advanced safety technologies and a collaboration between the two companies concerning Toyota’s vehicle-to-vehicle and vehicle-to-infrastructure technologies is undergoing. |
• | “Pre-collision System” is a system that perceives possibilities of a crash with obstacles, cars in front, crossing pedestrians during both day and night as well as crossing bicycles in daytime, all through a sensor installed in a vehicle. If a collision seems likely, it proceeds to activate warnings as well as brake assistance, which aids the driver’s operation of the brake, or the automatic braking system, which aids in avoiding the collision altogether or mitigates any damage. |
• | “Radar Cruise Control (with all-speed tracking function)” allows the vehicle to keep a constant distance between itself and the preceding vehicle within a speed range from zero to a preset speed, automatically slowing down and stopping if necessary to avoid collision. When the car in front speeds up, it allows the driver to accelerate. |
• | “Lane Tracing Assist” is a system that, when the Radar Cruise Control function is running, uses a camera to detect white or yellow lane markers while driving and assists the driver’s operation of the steering wheel by controlling the electric power steering in order to help keep the vehicle traveling between lane markers. |
• | “Automatic High Beam” detects the headlights of oncoming vehicles or taillights of vehicles running in front and adjusts the headlight range, automatically switching to low beam or high beam, in order to avoid blinding the visions of drivers with bright lights, as well as to secure drivers’ forward vision at night. |
• | Toyota is advancing enhancement of car navigation systems, such as car parking maps that display detailed information inside car parks, as well as the VICS system (Vehicle Information and Communication System) that provides real-time road traffic information such as congestion, accidents, traffic restrictions and parking. Car navigation systems play an increasingly important role in providing drivers with various types of information on safety, smooth traveling, comfort and convenience. |
• | T-Connect/G-BOOK is the latest information network service that merges the latest network technologies and car multimedia a step ahead of the arrival of the ubiquitous network society. T-Connect/G-BOOK provides various types of information useful for driving, as well as safety and security services that detect unusual conditions in the vehicle, thereby supporting a lifestyle with one’s vehicles anytime and anywhere through a network. In 2005, Toyota started G-BOOK ALPHA and G-Link for Lexus, each with additional various features including traffic congestion forecast service. In 2007, Toyota launched G-BOOK mX, which in addition to the well-received conventional safety and security services of G-BOOK, introduced even more useful car navigation services such as “Map-on-Demand” — the world’s first technology for automatically updating map data — and “Probe Communication Traffic Information” that provides drivers with highly precise information on traffic congestion. In 2014, Toyota launched T-Connect, which in addition to conventional telematics services, provides new services and functions through the distribution of applications to on-board device, as well as destination and other information searches through the adoption of a voice recognition system. In 2018, Toyota made efforts to further enhance T-Connect and added services such as the “e-Care Driving Guidance,” which diagnoses the condition of a car from the vehicle data and an operator advises the driver in the event of abnormality, and further guides the driver to a dealer if necessary, and “Tsunagaru (Connected) Car Insurance Plan,” which is an insurance plan based on driving behavior data. Furthermore, by standardizing the DCM, Toyota improved online services such as the “Voice Recognition-enabled AI Virtual Agent” and “Hybrid Navi.” |
• | In 2019, Toyota enhanced connectivity with smartphones, the ever-evolving devices that have become a part of our lives. By equipping car displays with audio functions and smartphone-linked functions, drivers can directly access their favorite smartphone functions, such as phone, messages and music as well as navigation guidance, through the display, thereby enabling them to safely use smartphone applications on the road. |
• | HELPNET is an emergency dial system that, in the event of a traffic accident or medical emergency, transmits information required for emergency rescue, such as present-location data and vehicle details, either automatically or with the touch of a button. It immediately contacts police and fire departments through the HELPNET Operation Center. This system is integrated into T-Connect/G-BOOK and G-Link to improve the quality of services. In 2018, Toyota newly developed the “D-Call Net,” which is a rescue service that is interlocked with the activation of the airbag. It instantly analyzes the damages to car occupants from the car data at the time of the collision, and with the cooperation of the fire departments, dispatches helicopter ambulances if it is diagnosed that the possibility of serious injury is high. HELPNET shortens the time taken to report following an emergency situation, which contributes to decreasing the number of traffic accident fatalities and reducing the level of impact, while at the same time aiming to prevent secondary disasters and ease traffic congestion. |
• | Toyota Finance Corporation in Japan; |
• | Toyota Credit Canada Inc. in Canada; |
• | Toyota Finance Australia Ltd. in Australia; |
• | Toyota Kreditbank GmbH in Germany; |
• | Toyota Financial Services (UK) PLC in the United Kingdom; |
• | Toyota Leasing (Thailand) Co., Ltd. in Thailand; and |
• | Toyota Motor Finance (China) Co., Ltd. in China. |
Basic research |
Phase to discover development theme Research on basic vehicle-related technology | ||
Forward-looking and leading-edge technology development |
Phase requiring technological breakthroughs such as components and systems Development of leading-edge components and systems that are more advanced than those of competitors | ||
Product development |
Phase mainly for development of new models Development of all-new models and existing-model upgrades |
• | further improvements in hybrid technologies, including in functions and cost, and contributions to the environment through advancements; |
• | improvement in internal combustion engine fuel economy technology as well as improvement in technology in connection with more stringent emission standards; |
• | development of EVs, FCVs and other alternative fuel vehicles; |
• | development of advanced safety technology designed to promote driving and vehicle safety; |
• | development of automated driving technologies |
• | connected car technologies; and |
• | development of technology to bring about more comfortable travel (driving). |
Description of Activity |
Total Cost (Yen in billions) |
Location |
Primary Method of Financing | |||||
Japan |
||||||||
Investment primarily in technology and products by Toyota Motor Corporation |
1,080.6 |
Japan |
Internal funds, financing from issuance of bonds, etc. | |||||
Investment primarily in technology and products by Toyota Motor Kyushu, Inc. |
108.1 |
Japan |
Internal funds | |||||
Investment primarily in technology and products by Toyota Auto Body Co., Ltd. |
93.9 |
Japan |
Internal funds | |||||
Investment primarily in technology and products by Primearth EV Energy Co., Ltd. |
92.4 |
Japan |
Borrowings | |||||
Investment primarily in technology and products by Daihatsu Motor Co., Ltd. |
85.3 |
Japan |
Internal funds | |||||
Investment primarily in technology and products by Hino Motors, Ltd. |
79.7 |
Japan |
Internal funds | |||||
Outside of Japan |
||||||||
Investment primarily to promote localization by Toyota Motor Manufacturing, Indiana, Inc. |
202.6 |
United States |
Internal funds | |||||
Investment primarily to promote localization by Toyota Motor Manufacturing Kentucky, Inc. |
167.4 |
United States |
Internal funds | |||||
Investment primarily to promote localization by Toyota Motor Manufacturing, Canada, Inc. |
143.8 |
Canada |
Internal funds | |||||
Investment primarily to promote localization by Toyota do Brazil Ltda. |
109.5 |
Brazil |
Internal funds | |||||
Investment primarily to promote localization by Toyota Motor Thailand Co., Ltd. |
106.1 |
Thailand |
Internal funds | |||||
Investment primarily to promote localization by Toyota Motor Europe NV/SA |
81.5 |
Belgium |
Internal funds | |||||
Investment primarily to promote localization by Toyota Motor Manufacturing Mississippi, Inc. |
70.3 |
United States |
Internal funds | |||||
Investment primarily to establish office facilities by Toyota Motor North America, Inc. |
57.7 |
United States |
Internal funds | |||||
Investment primarily in leased automobiles by Toyota Motor Credit Corporation |
5,875.9 |
United States |
Internal funds, financing from issuance of bonds, etc. |
Description of Activity |
Total Cost (Yen in billions) |
Location |
Primary Method of Financing |
|||||||||
Japan |
||||||||||||
Investment primarily in manufacturing facilities by Toyota Motor Corporation |
350.0 |
Japan |
Internal funds |
|||||||||
Investment primarily in manufacturing facilities by Daihatsu Motor Co., Ltd. |
70.8 |
Japan |
Internal funds |
|||||||||
Investment primarily in manufacturing facilities by Toyota Auto Body Co., Ltd. |
41.9 |
Japan |
Internal funds |
|||||||||
Investment primarily in manufacturing facilities by Primearth EV Energy Co., Ltd. |
38.4 |
Japan |
Borrowings |
|||||||||
Outside of Japan |
||||||||||||
Investment primarily in manufacturing facilities by Toyota Motor Manufacturing, Indiana, Inc. |
105.9 |
United States |
Internal funds |
|||||||||
Investment primarily in manufacturing facilities by Toyota Motor Europe NV/SA |
44.2 |
Belgium |
Internal funds |
Name of Subsidiary |
Country of Incorporation |
Percentage Ownership Interest |
Percentage Voting Interest |
|||||||||||
Toyota Financial Services Corporation |
Japan |
100.00 |
100.00 |
|||||||||||
Hino Motors, Ltd. |
Japan |
50.21 |
50.28 |
|||||||||||
Toyota Motor Kyushu, Inc. |
Japan |
100.00 |
100.00 |
|||||||||||
Daihatsu Motor Co., Ltd. |
Japan |
100.00 |
100.00 |
|||||||||||
TOYOTA Mobility Tokyo Inc. |
Japan |
100.00 |
100.00 |
|||||||||||
Toyota Finance Corporation |
Japan |
100.00 |
100.00 |
|||||||||||
Toyota Auto Body Co., Ltd. |
Japan |
100.00 |
100.00 |
|||||||||||
Toyota Motor East Japan, Inc. |
Japan |
100.00 |
100.00 |
|||||||||||
Daihatsu Motor Kyushu Co., Ltd. |
Japan |
100.00 |
100.00 |
|||||||||||
Toyota Motor Engineering & Manufacturing North America, Inc. |
United States |
100.00 |
100.00 |
|||||||||||
Toyota Motor Manufacturing, Kentucky, Inc. |
United States |
100.00 |
100.00 |
|||||||||||
Toyota Motor North America, Inc. |
United States |
100.00 |
100.00 |
|||||||||||
Toyota Motor Credit Corporation |
United States |
100.00 |
100.00 |
|||||||||||
Toyota Motor Manufacturing, Indiana, Inc. |
United States |
100.00 |
100.00 |
|||||||||||
Toyota Motor Manufacturing, Texas, Inc. |
United States |
100.00 |
100.00 |
|||||||||||
Toyota Motor Sales, U.S.A., Inc. |
United States |
100.00 |
100.00 |
|||||||||||
Toyota Motor Manufacturing de Baja California, S. de R.L. de C.V. |
Mexico |
100.00 |
100.00 |
|||||||||||
Toyota Motor Manufacturing Canada Inc. |
Canada |
100.00 |
100.00 |
|||||||||||
Toyota Credit Canada Inc. |
Canada |
100.00 |
100.00 |
|||||||||||
Toyota Canada Inc. |
Canada |
51.00 |
51.00 |
|||||||||||
Toyota Motor Europe NV/SA |
Belgium |
100.00 |
100.00 |
|||||||||||
Toyota Motor Manufacturing France S.A.S. |
France |
100.00 |
100.00 |
|||||||||||
Toyota Kreditbank GmbH |
Germany |
100.00 |
100.00 |
|||||||||||
Toyota Motor Finance (Netherlands) B.V. |
Netherlands |
100.00 |
100.00 |
|||||||||||
Toyota Motor Manufacturing (UK) Ltd. |
United Kingdom |
100.00 |
100.00 |
|||||||||||
Toyota Financial Services (UK) PLC |
United Kingdom |
100.00 |
100.00 |
|||||||||||
Toyota (GB) PLC |
United Kingdom |
100.00 |
100.00 |
|||||||||||
Toyota Motor Manufacturing Turkey Inc. |
Turkey |
90.00 |
90.00 |
|||||||||||
OOO “TOYOTA MOTOR” |
Russia |
100.00 |
100.00 |
|||||||||||
Toyota Motor (China) Investment Co., Ltd. |
China |
100.00 |
100.00 |
|||||||||||
Toyota Motor Finance (China) Co., Ltd. |
China |
100.00 |
100.00 |
|||||||||||
P.T. Astra Daihatsu Motor |
Indonesia |
61.75 |
61.75 |
|||||||||||
P.T. Toyota Motor Manufacturing Indonesia |
Indonesia |
95.00 |
95.00 |
|||||||||||
Toyota Motor Asia Pacific Pte Ltd. |
Singapore |
100.00 |
100.00 |
|||||||||||
Toyota Leasing (Thailand) Co., Ltd. |
Thailand |
87.16 |
87.16 |
|||||||||||
Toyota Motor Thailand Co., Ltd. |
Thailand |
86.43 |
86.43 |
|||||||||||
Toyota Daihatsu Engineering & Manufacturing Co., Ltd. |
Thailand |
100.00 |
100.00 |
|||||||||||
Toyota Motor Corporation Australia Ltd. |
Australia |
100.00 |
100.00 |
|||||||||||
Toyota Finance Australia Ltd. |
Australia |
100.00 |
100.00 |
|||||||||||
Toyota Argentina S.A. |
Argentina |
100.00 |
100.00 |
|||||||||||
Toyota do Brasil Ltda. |
Brazil |
100.00 |
100.00 |
|||||||||||
Toyota South Africa Motors (Pty) Ltd. |
South Africa |
100.00 |
100.00 |
Facility or Subsidiary Name |
Location |
Land Area (thousand square meters) |
Number of Employees |
Principal Products or Functions | ||||||||
Japan (Toyota Motor Corporation) |
||||||||||||
Tahara Plant |
Tahara City, Aichi Pref. |
4,032 |
6,503 |
Automobiles | ||||||||
Toyota Technical Center Shimoyama |
Toyota City, Aichi Pref. |
3,736 |
39 |
Research and Development | ||||||||
Toyota Head Office and Technical Center |
Toyota City, Aichi Pref. |
2,766 |
23,621 |
Research and Development | ||||||||
Higashi-Fuji Technical Center |
Susono City, Shizuoka Pref. |
2,719 |
3,043 |
Research and Development | ||||||||
Motomachi Plant |
Toyota City, Aichi Pref. |
1,574 |
7,806 |
Automobiles | ||||||||
Takaoka Plant |
Toyota City, Aichi Pref. |
1,317 |
4,364 |
Automobiles | ||||||||
Kamigo Plant |
Toyota City, Aichi Pref. |
894 |
3,105 |
Automobile parts | ||||||||
Kinu-ura Plant |
Hekinan City, Aichi Pref. |
808 |
2,896 |
Automobile parts | ||||||||
Honsha Plant |
Toyota City, Aichi Pref. |
622 |
2,203 |
Automobile parts | ||||||||
Nagoya Office |
Nagoya City, Aichi Pref. |
5 |
2,508 |
Office | ||||||||
Japan (Subsidiaries) |
||||||||||||
TOYOTA Mobility Tokyo Inc. |
Minato-ku, Tokyo, etc. |
341 |
6,814 |
Sales facilities | ||||||||
Hino Motors, Ltd. |
Hino City, Tokyo, etc. |
6,283 |
12,805 |
Automobiles | ||||||||
Daihatsu Motor Co., Ltd. . |
Ikeda City, Osaka, etc. |
7,746 |
11,444 |
Automobiles | ||||||||
Toyota Auto Body Co., Ltd. |
Kariya City, Aichi Pref., etc. |
2,269 |
11,300 |
Automobiles | ||||||||
Toyota Motor Kyushu, Inc. |
Miyawaka City, Fukuoka Pref., etc. |
1,949 |
8,262 |
Automobiles | ||||||||
Outside Japan (Subsidiaries) |
||||||||||||
Toyota Motor Manufacturing, Kentucky, Inc. |
Kentucky, U.S.A. |
5,161 |
7,795 |
Automobiles | ||||||||
Toyota Motor Manufacturing, Indiana, Inc. |
Indiana, U.S.A. |
4,359 |
5,928 |
Automobiles | ||||||||
Toyota Motor Manufacturing Canada, Inc. |
Ontario, Canada |
4,752 |
7,508 |
Automobiles | ||||||||
Toyota Motor Thailand Co., Ltd. |
Samutprakan, Thailand |
4,414 |
9,818 |
Automobiles | ||||||||
Toyota Motor Sales, U.S.A., Inc. |
Texas, U.S.A. |
3,267 |
5,019 |
Sales facilities |
Thousands of units |
||||||||||||
Year Ended March 31, |
||||||||||||
2018 |
2019 |
2020 |
||||||||||
Japan |
2,255 |
2,226 |
2,240 |
|||||||||
North America |
2,806 |
2,745 |
2,713 |
|||||||||
Europe |
968 |
994 |
1,029 |
|||||||||
Asia |
1,543 |
1,684 |
1,605 |
|||||||||
Other* |
1,392 |
1,327 |
1,372 |
|||||||||
Overseas total |
6,709 |
6,751 |
6,719 |
|||||||||
Total |
8,964 |
8,977 |
8,958 |
|||||||||
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East, etc. |
• | vehicle unit sales volumes, |
• | the mix of vehicle models and options sold, |
• | the level of parts and service sales, |
• | the levels of price discounts and other sales incentives and marketing costs, |
• | the cost of customer warranty claims and other customer satisfaction actions, |
• | the cost of research and development and other fixed costs, |
• | the prices of raw materials, |
• | the ability to control costs, |
• | the efficient use of production capacity, |
• | the adverse effect on production due to the reliance on various suppliers for the provision of supplies, |
• | the adverse effect on market, sales and productions of natural calamities as well as the outbreak and spread of epidemics and interruptions of social infrastructure, and |
• | changes in the value of the Japanese yen and other currencies in which Toyota conducts business. |
Yen in millions |
||||||||||||
Year ended March 31, |
||||||||||||
2018 |
2019 |
2020 |
||||||||||
Japan |
9,273,672 |
9,520,148 |
9,522,905 |
|||||||||
North America |
10,347,266 |
10,585,934 |
10,416,582 |
|||||||||
Europe |
2,940,243 |
3,055,654 |
3,138,755 |
|||||||||
Asia |
4,497,374 |
4,832,392 |
4,828,635 |
|||||||||
Other* |
2,320,955 |
2,231,553 |
2,023,115 |
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
Yen in millions |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Net revenues: |
||||||||||||||||
Japan |
16,625,361 |
16,461,521 |
(163,840 |
) | (1.0 |
)% | ||||||||||
North America |
10,817,247 |
10,638,748 |
(178,499 |
) | (1.7 |
) | ||||||||||
Europe |
3,238,851 |
3,360,878 |
122,027 |
3.8 |
||||||||||||
Asia |
5,513,031 |
5,338,656 |
(174,375 |
) | (3.2 |
) | ||||||||||
Other* |
2,333,443 |
2,112,502 |
(220,941 |
) | (9.5 |
) | ||||||||||
Intersegment elimination/unallocated amount |
(8,302,252 |
) | (7,982,313 |
) | 319,939 |
— |
||||||||||
Total |
30,225,681 |
29,929,992 |
(295,689 |
) | (1.0 |
) | ||||||||||
Operating income (loss): |
||||||||||||||||
Japan |
1,691,675 |
1,567,978 |
(123,697 |
) | (7.3 |
) | ||||||||||
North America |
114,515 |
270,629 |
156,114 |
136.3 |
||||||||||||
Europe |
124,868 |
150,545 |
25,677 |
20.6 |
||||||||||||
Asia |
457,489 |
370,999 |
(86,490 |
) | (18.9 |
) | ||||||||||
Other* |
91,110 |
90,724 |
(386 |
) | (0.4 |
) | ||||||||||
Intersegment elimination/unallocated amount |
(12,112 |
) | (8,006 |
) | 4,106 |
— |
||||||||||
Total |
2,467,545 |
2,442,869 |
(24,676 |
) | (1.0 |
) | ||||||||||
Operating margin |
8.2 |
% | 8.2 |
% | (0.0 |
)% | ||||||||||
Income before income taxes and equity in earnings of affiliated companies |
2,285,465 |
2,554,607 |
269,142 |
11.8 |
||||||||||||
Net margin from income before income taxes and equity in earnings of affiliated companies |
7.6 |
% | 8.5 |
% | 0.9 |
% | ||||||||||
Equity in earnings of affiliated companies |
360,066 |
271,152 |
(88,914 |
) | (24.7 |
) | ||||||||||
Net income attributable to Toyota Motor Corporation |
1,882,873 |
2,076,183 |
193,310 |
10.3 |
||||||||||||
Net margin attributable to Toyota Motor Corporation |
6.2 |
% | 6.9 |
% | 0.7 |
% |
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
Yen in millions |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Vehicles |
23,066,190 |
22,852,916 |
(213,274 |
) | (0.9 |
)% | ||||||||||
Parts and components for overseas production |
625,483 |
603,928 |
(21,555 |
) | (3.4 |
) | ||||||||||
Parts and components for after service |
2,093,437 |
2,103,478 |
10,041 |
0.5 |
||||||||||||
Other |
1,249,382 |
1,274,163 |
24,781 |
2.0 |
||||||||||||
Total Automotive |
27,034,492 |
26,834,485 |
(200,007 |
) | (0.7 |
) | ||||||||||
All Other |
1,070,846 |
925,264 |
(145,582 |
) | (13.6 |
) | ||||||||||
Total sales of products |
28,105,338 |
27,759,749 |
(345,589 |
) | (1.2 |
) | ||||||||||
Financial Services |
2,120,343 |
2,170,243 |
49,900 |
2.4 |
||||||||||||
Total |
30,225,681 |
29,929,992 |
(295,689 |
) | (1.0 |
)% | ||||||||||
Number of financing contracts in thousands |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Japan |
2,249 |
2,414 |
165 |
7.3 |
% | |||||||||||
North America |
5,404 |
5,394 |
(10 |
) | (0.2 |
) | ||||||||||
Europe |
1,220 |
1,318 |
98 |
8.0 |
||||||||||||
Asia |
1,803 |
1,864 |
61 |
3.4 |
||||||||||||
Other* |
890 |
926 |
36 |
4.0 |
||||||||||||
Total |
11,566 |
11,916 |
350 |
3.0 |
% | |||||||||||
* | “Other” consists of Central and South America, Oceania and Africa. |
Thousands of units |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Toyota’s consolidated vehicle unit sales* |
4,173 |
4,284 |
111 |
2.6 |
% | |||||||||||
* including number of exported vehicle unit sales |
||||||||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Net revenues: |
||||||||||||||||
Sales of products |
16,485,093 |
16,309,165 |
(175,928 |
) | (1.1 |
)% | ||||||||||
Financial services |
140,268 |
152,356 |
12,088 |
8.6 |
||||||||||||
Total |
16,625,361 |
16,461,521 |
(163,840 |
) | (1.0 |
)% | ||||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Toyota’s consolidated vehicle unit sales |
2,745 |
2,713 |
(32 |
) | (1.2 |
)% | ||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Net revenues: |
||||||||||||||||
Sales of products |
9,295,132 |
9,091,397 |
(203,735 |
) | (2.2 |
)% | ||||||||||
Financial services |
1,522,115 |
1,547,351 |
25,236 |
1.7 |
||||||||||||
Total |
10,817,247 |
10,638,748 |
(178,499 |
) | (1.7 |
)% | ||||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Toyota’s consolidated vehicle unit sales |
994 |
1,029 |
35 |
3.5 |
% | |||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Net revenues: |
||||||||||||||||
Sales of products |
3,107,687 |
3,212,984 |
105,297 |
3.4 |
% | |||||||||||
Financial services |
131,164 |
147,894 |
16,730 |
12.8 |
||||||||||||
Total |
3,238,851 |
3,360,878 |
122,027 |
3.8 |
% | |||||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Toyota’s consolidated vehicle unit sales |
1,684 |
1,605 |
(79 |
) | (4.7 |
)% | ||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Net revenues: |
|
|||||||||||||||
Sales of products |
5,348,385 |
5,166,175 |
(182,210 |
) | (3.4 |
)% | ||||||||||
Financial services |
164,646 |
172,481 |
7,835 |
4.8 |
||||||||||||
Total |
5,513,031 |
5,338,656 |
(174,375 |
) | (3.2 |
)% | ||||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Toyota’s consolidated vehicle unit sales |
1,327 |
1,372 |
45 |
3.4 |
% | |||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Net revenues: |
||||||||||||||||
Sales of products |
2,148,134 |
1,940,249 |
(207,885 |
) | (9.7 |
)% | ||||||||||
Financial services |
185,309 |
172,253 |
(13,056 |
) | (7.0 |
) | ||||||||||
Total |
2,333,443 |
2,112,502 |
(220,941 |
) | (9.5 |
)% | ||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Operating costs and expenses |
||||||||||||||||
Cost of products sold |
23,389,495 |
23,142,744 |
(246,751 |
) | (1.1 |
)% | ||||||||||
Cost of financing operations |
1,392,290 |
1,379,620 |
(12,670 |
) | (0.9 |
) | ||||||||||
Selling, general and administrative |
2,976,351 |
2,964,759 |
(11,592 |
) | (0.4 |
) | ||||||||||
Total |
27,758,136 |
27,487,123 |
(271,013 |
) | (1.0 |
)% | ||||||||||
Yen in millions |
||||
2020 v. 2019 Change |
||||
Changes in operating costs and expenses: |
||||
Effect of changes in vehicle unit sales and sales mix |
700,000 |
|||
Effect of changes in exchange rates |
(575,000 |
) | ||
Effect of increase of cost of financing operations |
27,100 |
|||
Effect of cost reduction efforts |
(170,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
(45,000 |
) | ||
Other |
(208,113 |
) | ||
Total |
(271,013 |
) | ||
Yen in millions |
||||
2020 v. 2019 Change |
||||
Changes in operating income and loss: |
||||
Effect of marketing activities |
(90,000 |
) | ||
Effect of cost reduction efforts |
170,000 |
|||
Effect of changes in exchange rates |
(305,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
45,000 |
|||
Other |
155,324 |
|||
Total |
(24,676 |
) | ||
Yen in millions |
||||
2020 v. 2019 Change |
||||
Changes in operating income and loss: |
||||
Effect of marketing activities |
(225,000 |
) | ||
Effect of cost reduction efforts |
170,000 |
|||
Effect of changes in exchange rates |
(175,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
(40,000 |
) | ||
Other |
146,303 |
|||
Total |
(123,697 |
) | ||
Yen in millions |
||||
2020 v. 2019 Change |
||||
Changes in operating income and loss: |
||||
Effect of marketing efforts |
115,000 |
|||
Effect of cost reduction efforts |
(5,000 |
) | ||
Effect of changes in exchange rates |
(15,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
50,000 |
|||
Other |
11,114 |
|||
Total |
156,114 |
|||
Yen in millions |
||||
2020 v. 2019 Change |
||||
Changes in operating income and loss: |
||||
Effect of marketing efforts |
20,000 |
|||
Effect of cost reduction efforts |
15,000 |
|||
Effect of changes in exchange rates |
(5,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
(10,000 |
) | ||
Other |
5,677 |
|||
Total |
25,677 |
|||
Yen in millions |
||||
2020 v. 2019 Change |
||||
Changes in operating income and loss: |
||||
Effect of marketing efforts |
10,000 |
|||
Effect of cost reduction efforts |
(5,000 |
) | ||
Effect of changes in exchange rates |
(90,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
15,000 |
|||
Other |
(16,490 |
) | ||
Total |
(86,490 |
) | ||
Yen in millions |
||||
2020 v. 2019 Change |
||||
Changes in operating income and loss: |
||||
Effect of marketing activities |
(10,000 |
) | ||
Effect of cost reduction efforts |
(5,000 |
) | ||
Effect of changes in exchange rates |
(20,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
25,000 |
|||
Other |
9,614 |
|||
Total |
(386 |
) | ||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2020 v. 2019 Change |
|||||||||||||||
2019 |
2020 |
Amount |
Percentage |
|||||||||||||
Automotive: |
||||||||||||||||
Net revenues |
27,079,077 |
26,863,514 |
(215,563 |
) | (0.8 |
)% | ||||||||||
Operating income |
2,038,884 |
2,052,346 |
13,462 |
0.7 |
||||||||||||
Financial Services: |
||||||||||||||||
Net revenues |
2,153,547 |
2,190,559 |
37,012 |
1.7 |
||||||||||||
Operating income |
322,821 |
292,183 |
(30,638 |
) | (9.5 |
) | ||||||||||
All Other: |
||||||||||||||||
Net revenues |
1,676,377 |
1,504,550 |
(171,827 |
) | (10.2 |
) | ||||||||||
Operating income |
105,538 |
96,655 |
(8,883 |
) | (8.4 |
) | ||||||||||
Intersegment elimination/unallocated amount: |
||||||||||||||||
Net revenues |
(683,320 |
) | (628,631 |
) | 54,689 |
— |
||||||||||
Operating income |
302 |
1,685 |
1,383 |
— |
Yen in millions |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Net revenues: |
||||||||||||||||
Japan |
16,024,844 |
16,625,361 |
600,517 |
3.7 |
% | |||||||||||
North America |
10,574,410 |
10,817,247 |
242,837 |
2.3 |
||||||||||||
Europe |
3,185,224 |
3,238,851 |
53,627 |
1.7 |
||||||||||||
Asia |
5,148,139 |
5,513,031 |
364,892 |
7.1 |
||||||||||||
Other* |
2,453,299 |
2,333,443 |
(119,856 |
) | (4.9 |
) | ||||||||||
Intersegment elimination/unallocated amount |
(8,006,406 |
) | (8,302,252 |
) | (295,846 |
) | — |
|||||||||
Total |
29,379,510 |
30,225,681 |
846,171 |
2.9 |
||||||||||||
Operating income (loss): |
||||||||||||||||
Japan |
1,659,918 |
1,691,675 |
31,757 |
1.9 |
||||||||||||
North America |
138,899 |
114,515 |
(24,384 |
) | (17.6 |
) | ||||||||||
Europe |
75,026 |
124,868 |
49,842 |
66.4 |
||||||||||||
Asia |
433,199 |
457,489 |
24,290 |
5.6 |
||||||||||||
Other* |
112,663 |
91,110 |
(21,553 |
) | (19.1 |
) | ||||||||||
Intersegment elimination/unallocated amount |
(19,843 |
) | (12,112 |
) | 7,731 |
— |
||||||||||
Total |
2,399,862 |
2,467,545 |
67,683 |
2.8 |
||||||||||||
Operating margin |
8.2 |
% | 8.2 |
% | (0.0 |
)% | ||||||||||
Income before income taxes and equity in earnings of affiliated companies |
2,620,429 |
2,285,465 |
(334,964 |
) | (12.8 |
) | ||||||||||
Net margin from income before income taxes and equity in earnings of affiliated companies |
8.9 |
% | 7.6 |
% | (1.3 |
)% | ||||||||||
Equity in earnings of affiliated companies |
470,083 |
360,066 |
(110,017 |
) | (23.4 |
) | ||||||||||
Net income attributable to Toyota Motor Corporation |
2,493,983 |
1,882,873 |
(611,110 |
) | (24.5 |
) | ||||||||||
Net margin attributable to Toyota Motor Corporation |
8.5 |
% | 6.2 |
% | (2.3 |
)% |
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
Yen in millions |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Vehicles |
22,631,201 |
23,066,190 |
434,989 |
1.9 |
% | |||||||||||
Parts and components for overseas production |
498,802 |
625,483 |
126,681 |
25.4 |
||||||||||||
Parts and components for after service |
2,044,104 |
2,093,437 |
49,333 |
2.4 |
||||||||||||
Other |
1,173,122 |
1,249,382 |
76,260 |
6.5 |
||||||||||||
Total Automotive |
26,347,229 |
27,034,492 |
687,263 |
2.6 |
||||||||||||
All Other |
1,073,047 |
1,070,846 |
(2,201 |
) | (0.2 |
) | ||||||||||
Total sales of products |
27,420,276 |
28,105,338 |
685,062 |
2.5 |
||||||||||||
Financial Services |
1,959,234 |
2,120,343 |
161,109 |
8.2 |
||||||||||||
Total |
29,379,510 |
30,225,681 |
846,171 |
2.9 |
||||||||||||
Number of financing contracts in thousands |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Japan |
2,103 |
2,249 |
146 |
6.9 |
% | |||||||||||
North America |
5,465 |
5,404 |
(61 |
) | (1.1 |
) | ||||||||||
Europe |
1,112 |
1,220 |
108 |
9.7 |
||||||||||||
Asia |
1,672 |
1,803 |
131 |
7.8 |
||||||||||||
Other* |
846 |
890 |
44 |
5.2 |
||||||||||||
Total |
11,198 |
11,566 |
368 |
3.3 |
% | |||||||||||
* | “Other” consists of Central and South America, Oceania and Africa. |
Thousands of units |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Toyota’s consolidated vehicle unit sales* |
4,137 |
4,173 |
36 |
0.9 |
% |
* | including number of exported vehicle unit sales |
Yen in millions |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Net revenues: |
||||||||||||||||
Sales of products |
15,893,465 |
16,485,093 |
591,628 |
3.7 |
% | |||||||||||
Financial services |
131,379 |
140,268 |
8,889 |
6.8 |
||||||||||||
|
|
|
|
|
|
|||||||||||
Total |
16,024,844 |
16,625,361 |
600,517 |
3.7 |
% | |||||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Toyota’s consolidated vehicle unit sales |
2,806 |
2,745 |
(61 |
) | (2.2 |
)% | ||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Net revenues: |
||||||||||||||||
Sales of products |
9,173,277 |
9,295,132 |
121,855 |
1.3 |
% | |||||||||||
Financial services |
1,401,133 |
1,522,115 |
120,982 |
8.6 |
||||||||||||
|
|
|
|
|
|
|||||||||||
Total |
10,574,410 |
10,817,247 |
242,837 |
2.3 |
% | |||||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Toyota’s consolidated vehicle unit sales |
968 |
994 |
26 |
2.7 |
% | |||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Net revenues: |
||||||||||||||||
Sales of products |
3,074,396 |
3,107,687 |
33,291 |
1.1 |
% | |||||||||||
Financial services |
110,828 |
131,164 |
20,336 |
18.3 |
||||||||||||
|
|
|
|
|
|
|||||||||||
Total |
3,185,224 |
3,238,851 |
53,627 |
1.7 |
% | |||||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Toyota’s consolidated vehicle unit sales |
1,543 |
1,684 |
141 |
9.2 |
% | |||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Net revenues: |
||||||||||||||||
Sales of products |
4,996,339 |
5,348,385 |
352,046 |
7.0 |
% | |||||||||||
Financial services |
151,800 |
164,646 |
12,846 |
8.5 |
||||||||||||
|
|
|
|
|
|
|||||||||||
Total |
5,148,139 |
5,513,031 |
364,892 |
7.1 |
% | |||||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Toyota’s consolidated vehicle unit sales |
1,392 |
1,327 |
(65 |
) | (4.6 |
)% | ||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Net revenues: |
||||||||||||||||
Sales of products |
2,270,150 |
2,148,134 |
(122,016 |
) | (5.4 |
)% | ||||||||||
Financial services |
183,149 |
185,309 |
2,160 |
1.2 |
||||||||||||
|
|
|
|
|
|
|||||||||||
Total |
2,453,299 |
2,333,443 |
(119,856 |
) | (4.9 |
)% | ||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Operating costs and expenses |
||||||||||||||||
Cost of products sold |
22,600,474 |
23,389,495 |
789,021 |
3.5 |
% | |||||||||||
Cost of financing operations |
1,288,679 |
1,392,290 |
103,611 |
8.0 |
||||||||||||
Selling, general and administrative |
3,090,495 |
2,976,351 |
(114,144 |
) | (3.7 |
) | ||||||||||
Total |
26,979,648 |
27,758,136 |
778,488 |
2.9 |
% | |||||||||||
Yen in millions |
||||
2019 v. 2018 Change |
||||
Changes in operating costs and expenses: |
||||
Effect of changes in vehicle unit sales and sales mix |
750,000 |
|||
Effect of changes in exchange rates |
(460,000 |
) | ||
Effect of increase of cost of financing operations |
118,500 |
|||
Effect of cost reduction efforts |
(80,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
165,000 |
|||
Other |
284,988 |
|||
Total |
778,488 |
|||
Yen in millions |
||||
2019 v. 2018 Change |
||||
Changes in operating income and loss: |
||||
Effect of marketing efforts |
275,000 |
|||
Effect of cost reduction efforts |
80,000 |
|||
Effect of changes in exchange rates |
(50,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
(165,000 |
) | ||
Other |
(72,317 |
) | ||
Total |
67,683 |
|||
Yen in millions |
||||
2019 v. 2018 Change |
||||
Changes in operating income and loss: |
||||
Effect of marketing efforts |
70,000 |
|||
Effect of cost reduction efforts |
90,000 |
|||
Effect of changes in exchange rates |
5,000 |
|||
Increase or decrease in expenses and expense reduction efforts |
(120,000 |
) | ||
Other |
(13,243 |
) | ||
Total |
31,757 |
|||
Yen in millions |
||||
2019 v. 2018 Change |
||||
Changes in operating income and loss: |
||||
Effect of marketing efforts |
115,000 |
|||
Effect of cost reduction efforts |
5,000 |
|||
Effect of changes in exchange rates |
(20,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
(85,000 |
) | ||
Other |
(39,384 |
) | ||
Total |
(24,384 |
) | ||
Yen in millions |
||||
2019 v. 2018 Change |
||||
Changes in operating income and loss: |
||||
Effect of marketing efforts |
20,000 |
|||
Effect of cost reduction efforts |
5,000 |
|||
Effect of changes in exchange rates |
(15,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
35,000 |
|||
Other |
4,842 |
|||
Total |
49,842 |
|||
Yen in millions |
||||
2019 v. 2018 Change |
||||
Changes in operating income and loss: |
||||
Effect of marketing efforts |
80,000 |
|||
Effect of cost reduction efforts |
(20,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
(40,000 |
) | ||
Other |
4,290 |
|||
Total |
24,290 |
|||
Yen in millions |
||||
2019 v. 2018 Change |
||||
Changes in operating income and loss: |
||||
Effect of marketing activities |
(10,000 |
) | ||
Effect of changes in exchange rates |
(20,000 |
) | ||
Increase or decrease in expenses and expense reduction efforts |
35,000 |
|||
Other |
(26,553 |
) | ||
Total |
(21,553 |
) | ||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2019 v. 2018 Change |
|||||||||||||||
2018 |
2019 |
Amount |
Percentage |
|||||||||||||
Automotive: |
||||||||||||||||
Net revenues |
26,397,940 |
27,079,077 |
681,137 |
2.6 |
% | |||||||||||
Operating income |
2,011,135 |
2,038,884 |
27,749 |
1.4 |
||||||||||||
Financial Services: |
||||||||||||||||
Net revenues |
2,017,008 |
2,153,547 |
136,539 |
6.8 |
||||||||||||
Operating income |
285,546 |
322,821 |
37,275 |
13.1 |
||||||||||||
All Other: |
||||||||||||||||
Net revenues |
1,646,118 |
1,676,377 |
30,259 |
1.8 |
||||||||||||
Operating income |
100,812 |
105,538 |
4,726 |
4.7 |
||||||||||||
Intersegment elimination/unallocated amount: |
||||||||||||||||
Net revenues |
(681,556 |
) | (683,320 |
) | (1,764 |
) | — |
|||||||||
Operating income |
2,369 |
302 |
(2,067 |
) | — |
Yen in millions |
||||
Effect on the allowance for credit losses as of March 31, 2020 |
||||
10 percent change in frequency of occurrence or expected severity of loss |
6,312 |
Yen in millions |
||||
Effect on the residual value losses over the remaining terms of the operating leases on and after April 1, 2020 |
||||
1 percent increase in vehicle return rate |
3,483 |
|||
1 percent increase in end-of-term market values |
12,407 |
Yen in millions |
||||||||||||||||
Domestic |
Overseas |
|||||||||||||||
Effect on pre-tax incomefor the year ended March 31, 2021 |
Effect on obligations for the year ended March 31, 2020 |
Effect on pre-tax incomefor the year ended March 31, 2021 |
Effect on obligations for the year ended March 31, 2020 |
|||||||||||||
Discount rates |
||||||||||||||||
0.5% decrease |
(11,667 |
) | 177,285 |
(9,397 |
) | 109,224 |
||||||||||
0.5% increase |
10,231 |
(155,206 |
) | 7,908 |
(91,642 |
) | ||||||||||
Expected rate of return on plan assets |
||||||||||||||||
0.5% decrease |
(7,565 |
) | (4,345 |
) | ||||||||||||
0.5% increase |
7,565 |
4,345 |
S&P |
Moody’s |
R&I | ||||
Short-term borrowing |
A-1+ |
P-1 |
— | |||
Long-term debt |
A+ |
A1 |
AAA |
Facility |
Principal Activity | |
Japan |
||
Toyota Technical Center |
Product planning, style, design, prototype production and vehicle evaluation | |
Higashi-Fuji Technical Center |
Advanced development | |
Tokyo Design Research & Laboratory |
Advanced styling designs | |
Toyota Research Institute-Advanced Development (TRI-AD) |
Development of artificial intelligence technology with a focus on automated driving technology | |
Otemachi Office |
Development of key IT technologies, creation of new values by utilizing big data and collaboration with venture companies | |
Shibetsu Proving Ground |
Evaluation | |
Toyota Central R&D Labs., Inc. |
Basic research | |
United States |
||
Toyota Motor Engineering and Manufacturing North America, Inc. |
Product planning, design and evaluation of vehicles manufactured in North America | |
Calty Design Research, Inc. |
Design | |
Toyota Research Institute of North America (TRI-NA) |
Advanced research relating to “energy and environment,” “safety” and “mobility infrastructure” | |
Toyota Research Institute, Inc. |
Research and development of artificial intelligence technology | |
Europe |
||
Toyota Motor Europe NV/SA |
Planning and evaluation of vehicles manufactured in Europe | |
Toyota Europe Design Development S.A.R.L. |
Design | |
Toyota Motorsport GmbH |
Development of motor sports vehicles | |
Asia Pacific |
||
Toyota Daihatsu Engineering and Manufacturing Co., Ltd. |
Planning and evaluation of vehicles manufactured in Australian and Asia. | |
China |
||
Toyota Motor Engineering and Manufacturing (China) Co., Ltd. |
Environmental technology design and evaluation in China | |
FAW Toyota Research & Development Co., Ltd |
Design, evaluation and certification of vehicles manufactured in China | |
GAC Toyota Motor Co., Ltd. R&D Center |
Design, evaluation and certification of vehicles manufactured in China | |
BYD Toyota EV Technology Co., Ltd. |
Design and evaluation of EVs |
Yen in millions |
||||||||||||||||||||
Total |
Payments Due by Period |
|||||||||||||||||||
Less than 1 year |
1 to 3 years |
3 to 5 years |
5 years and after |
|||||||||||||||||
Contractual Obligations: |
||||||||||||||||||||
Short-term borrowings (note 12) |
||||||||||||||||||||
Loans |
1,179,230 |
1,179,230 |
— |
— |
— |
|||||||||||||||
Commercial paper |
4,106,796 |
4,106,796 |
— |
— |
— |
|||||||||||||||
Long-term debt* (note 12) |
15,238,006 |
4,568,585 |
6,701,743 |
2,781,914 |
1,185,764 |
|||||||||||||||
Estimated amount of interest expense on long-term debt |
844,233 |
290,361 |
312,509 |
98,700 |
142,663 |
|||||||||||||||
Finance lease obligations (note 23) |
28,937 |
5,460 |
5,870 |
4,157 |
13,450 |
|||||||||||||||
Non-cancelable operating lease obligations (note 23) |
280,955 |
39,136 |
56,096 |
39,254 |
146,469 |
|||||||||||||||
Commitments for the purchase of property, plant, other assets and services (note 24) |
362,071 |
177,007 |
130,948 |
35,599 |
18,517 |
|||||||||||||||
Total |
22,040,228 |
10,366,575 |
7,207,166 |
2,959,624 |
1,506,863 |
|||||||||||||||
* | “Long-term debt” represents future principal payments. |
Yen in millions |
||||||||||||||||||||
Total Amounts Committed |
Amount of Commitment Expiration Per Period |
|||||||||||||||||||
Less than 1 year |
1 to 3 years |
3 to 5 years |
5 years and after |
|||||||||||||||||
Commercial Commitments (note 24): |
||||||||||||||||||||
Maximum potential exposure to guarantees given in the ordinary course of business |
3,333,385 |
823,856 |
1,445,449 |
890,552 |
173,528 |
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Commercial Commitments |
3,333,385 |
823,856 |
1,445,449 |
890,552 |
173,528 |
|||||||||||||||
ITEM |
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
* | “CASE” is an acronym for Connected, Autonomous / Automated, Shared, and Electric. |
Name (Date of birth) |
Position |
Brief career summary and important concurrent duties |
Number and kind of shares |
|||||
Takeshi Uchiyamada (August 17, 1946) |
Chairman of the Board of Directors |
1969 Joined Toyota Motor Corporation (“TMC”) 1998 Member of the Board of Directors of TMC 2001 Managing Director of TMC 2003 Senior Managing Director of TMC 2005 Executive Vice President of TMC 2012 Vice Chairman of TMC 2013 Chairman of TMC (to present) (important concurrent duties) Audit & Supervisory Board Member of Tokai Rika Co., Ltd. Audit & Supervisory Board Member of Toyoda Gosei Co., Ltd. Director of JTEKT Corporation Director of Mitsui & Co., Ltd. |
77,039 common shares |
|||||
Shigeru Hayakawa (September 15, 1953) |
Vice Chairman of the Board of Directors |
1977 Joined Toyota Motor Sales Co., Ltd. 2007 Managing Officer of TMC 2007 Toyota Motor North America, Inc. President 2009 Retired from Toyota Motor North America, Inc. President 2012 Senior Managing Officer of TMC 2015 Member of the Board of Directors and Senior Managing Officer of TMC 2017 Vice Chairman of TMC (to present) (important concurrent duties) Representative Director of Institute for International Economic Studies |
36,480 common shares |
|||||
Akio Toyoda (May 3, 1956) |
President, Member of the Board of Directors |
1984 Joined TMC 2000 Member of the Board of Directors of TMC 2002 Managing Director of TMC |
4,752,927 common shares |
Name (Date of birth) |
Position |
Brief career summary and important concurrent duties |
Number and kind of shares |
|||||
2003 Senior Managing Director of TMC 2005 Executive Vice President of TMC 2009 President of TMC (to present) (important concurrent duties) Chairman and CEO of Toyota Motor North America, Inc. Chairman of TOWA REAL ESTATE Co., Ltd. Chairman of the Japan Automobile Manufacturers Association, Inc. Director of DENSO Corporation |
||||||||
Koji Kobayashi (October 23, 1948) |
Member of the Board of Directors, Operating Officer |
1972 Joined TMC 2004 Executive Director of DENSO CORPORATION (“DENSO”) 2007 Senior Executive Director, Member of the Board of Directors of DENSO 2010 Executive Vice President of DENSO 2015 Vice Chairman of DENSO 2016 Advisor of TMC 2017 Senior Advisor of TMC 2018 Operating Officer (Executive Vice President) of TMC 2018 Member of the Board of Directors of DENSO 2018 Retired as Member of the Board of Directors of DENSO 2018 Member of the Board of Directors of TMC 2020 Member of the Board of Directors and Operating Officer of TMC (to present) (important concurrent duties) Chairman and Executive Director of TOYOTA Mobility Tokyo Inc. |
24,216 common shares |
|||||
Shigeki Terashi (February 16, 1955) |
Member of the Board of Directors, Operating Officer |
1980 Joined TMC 2008 Managing Officer of TMC 2008 Executive Vice President of Toyota Motor Engineering & Manufacturing North America, Inc. 2011 President and COO of Toyota Motor Engineering & Manufacturing North America, Inc. 2012 President and CEO of Toyota Motor Engineering & Manufacturing North America, Inc. 2012 President and COO of Toyota Motor North America, Inc. 2013 Retired from Toyota Motor Engineering & Manufacturing North America, Inc. President and CEO |
49,602 common shares |
Name (Date of birth) |
Position |
Brief career summary and important concurrent duties |
Number and kind of shares |
|||||
2013 Retired from Toyota Motor North America, Inc. President and COO 2013 Senior Managing Officer of TMC 2013 Member of the Board of Directors and Senior Managing Officer of TMC 2015 Executive Vice President, Member of the Board of Directors of TMC 2017 Member of the Board of Directors and Executive Vice President of TMC 2020 Member of the Board of Directors and Operating Officer of TMC (to present) |
||||||||
(important concurrent duties) Director of Hino Motors, Ltd. President, Representative Director of EV C.A. Spirit Corporation |
||||||||
James Kuffner (January 18, 1971) |
Member of the Board of Directors, Operating Officer |
1999 Postdoctoral Research Fellow at the Japan Society for the Promotion of Science 2002 Research Scientist of the Robotics Institute at Carnegie Mellon University 2005 Assistant Professor of the Robotics Institute at Carnegie Mellon University 2008 Associate Professor of the Robotics Institute at Carnegie Mellon University 2009 Adjunct Associate Professor of the Robotics Institute at Carnegie Mellon University 2009 Research Scientist at Google Inc. 2013 Engineering Director of Google Inc. 2016 Chief Technology Officer of Toyota Research Institute, Inc. 2018 Chief Executive Officer of Toyota Research Institute - Advanced Development, Inc. (to present) 2018 Executive Advisor at Toyota Research Institute, Inc. (to present) 2020 Senior Fellow at TMC 2020 Member of the Board of Directors, Operating Officer at TMC (to present) (important concurrent duties) Chief Executive Officer of Toyota Research Institute - Advanced Development, Inc. |
||||||
Ikuro Sugawara (March 6, 1957) |
Outside Member of the Board of Directors |
1981 Joined Ministry of International Trade and Industry 2010 Director-General of the Industrial Science and Technology Policy and Environment Bureau, Ministry of Economy, Trade and Industry |
— |
Name (Date of birth) |
Position |
Brief career summary and important concurrent duties |
Number and kind of shares |
|||||
2012 Director-General of the Manufacturing Industries Bureau, Ministry of Economy, Trade and Industry 2013 Director-General of the Economic and Industrial Policy Bureau, Ministry of Economy, Trade and Industry 2015 Vice-Minister of Ministry of Economy, Trade and Industry 2017 Retired from the Ministry of Economy, Trade and Industry 2017 Special Advisor to the Cabinet 2018 Retired from Special Advisor to the Cabinet 2018 Outside Member of the Board of Directors of TMC (to present) |
||||||||
Sir Philip Craven (July 4, 1950) |
Outside Member of the Board of Directors |
1989 President of the International Wheelchair Basketball Federation 2001 President of the International Paralympic Committee 2002 Retired as President of the International Wheelchair Basketball Federation 2017 Retired as President of the International Paralympic Committee 2018 Outside Member of the Board of Directors of TMC (to present) |
— |
|||||
Teiko Kudo (May 22, 1964) |
Outside Member of the Board of Directors |
1987 Joined the Sumitomo Bank, Limited 2014 Executive Officer of Sumitomo Mitsui Banking Corporation 2017 Managing Executive Officer of Sumitomo Mitsui Banking Corporation 2018 Outside Member of the Board of Directors of TMC (to present) 2020 Director and Senior Managing Executive Officer of Sumitomo Mitsui Banking Corporation (important concurrent duties) Senior Managing Executive Officer of Sumitomo Mitsui Banking Corporation |
915 common shares |
|||||
Haruhiko Kato (July 21, 1952) |
Full-time Audit & Supervisory Board Member |
1975 Joined Ministry of Finance 2007 Director-General of the Tax Bureau, Ministry of Finance 2009 Commissioner of National Tax Agency 2010 Retired from Commissioner of National Tax Agency 2011 Senior Managing Director of Japan Securities Depository Center, Inc. 2011 President of Japan Securities Depository Center, Inc. |
— |
Name (Date of birth) |
Position |
Brief career summary and important concurrent duties |
Number and kind of shares |
|||||
2013 Member of the Board of Directors of TMC (to present) 2015 President and CEO of Japan Securities Depository Center, Inc. 2018 Retired as Member of the Board of Directors of TMC 2019 Director of Japan Securities Depository Center, Inc. 2019 Audit & Supervisory Board Member of TMC (to present) 2019 Retired as Director of Japan Securities Depository Center, Inc. (important concurrent duties) Outside Director of Canon Inc. |
||||||||
Masahide Yasuda (April 1, 1949) |
Full-time Audit & Supervisory Board Member |
1972 Joined TMC 2000 General Manager of Overseas Parts Division of TMC 2007 President of Toyota Motor Corporation Australia Ltd. 2014 Chairman of Toyota Motor Corporation Australia Ltd. 2017 Retired as Chairman of Toyota Motor Corporation Australia Ltd. 2018 Audit & Supervisory Board Member of TMC (to present) |
9,793 common shares |
|||||
Katsuyuki Ogura (January 25, 1963) |
Full-time Audit & Supervisory Board Member |
1985 Joined TMC 2015 General Manager of Affiliated Companies Finance Dept. of TMC 2018 General Manager of Audit & Supervisory Board Office of TMC 2019 Audit & Supervisory Board Member of TMC (to present) |
4,405 common shares |
|||||
Yoko Wake (November 18, 1947) |
Outside Audit & Supervisory Board Member |
1970 Joined the Fuji Bank, Limited 1973 Retired from the same 1977 Assistant Lecturer of Faculty of Business and Commerce of Keio University 1982 Associate Professor of the same 1993 Professor of the same 2011 Outside Audit & Supervisory Board Member of TMC (to present) 2013 Professor Emeritus of Keio University (to present) (important concurrent duties) Professor Emeritus of Keio University |
— |
|||||
Hiroshi Ozu (July 21, 1949) |
Outside Audit & Supervisory Board Member |
2012 Prosecutor-General 2014 Retired from Prosecutor-General 2014 Registered as Attorney 2015 Outside Audit & Supervisory Board Member of TMC (to present) |
89 common shares |
Name (Date of birth) |
Position |
Brief career summary and important concurrent duties |
Number and kind of shares |
|||||
(important concurrent duties) Attorney Outside Corporate Auditor of Mitsui & Co., Ltd. Audit & Supervisory Board Member (External) of Shiseido Company, Limited |
||||||||
Nobuyuki Hirano (October 23, 1951) |
Outside Audit & Supervisory Board Member |
1974 Joined Mitsubishi Bank 2001 Executive Officer of The Bank of Tokyo-Mitsubishi, Ltd. 2004 Executive Officer of Mitsubishi UFJ Financial Group, Inc. |
493 common shares |
|||||
2005 Managing Executive Officer of The Bank of Tokyo-Mitsubishi, Ltd. 2005 Director of Mitsubishi UFJ Financial Group, Inc. 2006 Managing Director of The Bank of Tokyo-Mitsubishi UFJ, Ltd. 2008 Senior Managing Director of The Bank of Tokyo-Mitsubishi UFJ, Ltd. 2009 Managing Executive Officer of Mitsubishi UFJ Financial Group, Inc. 2010 Deputy President of Mitsubishi UFJ Financial Group, Inc. 2012 President of The Bank of Tokyo-Mitsubishi UFJ, Ltd. 2012 Director of Mitsubishi UFJ Financial Group, Inc. 2013 President & CEO of Mitsubishi UFJ Financial Group, Inc. 2015 Director, President & Group CEO of Mitsubishi UFJ Financial Group, Inc. 2016 Chairman of the Board of Directors of Bank of Tokyo-Mitsubishi UFJ, Ltd. 2018 Outside Audit & Supervisory Board Member of TMC (to present) 2019 Director, Chairman of Mitsubishi UFJ Financial Group, Inc. (to present) 2019 Member of the Board of Directors of MUFG Bank, Ltd. (important concurrent duties) Director, Chairman of Mitsubishi UFJ Financial Group, Inc. Directors of MUFG Bank, Ltd. Director of Morgan Stanley Audit and Supervisory Committee Member of Mitsubishi Heavy Industries, Ltd. |
1. | Mr. Akio Toyoda, who is President and Member of the Board of Directors, concurrently serves as Operating Officer (President). |
2. | Mr. Koji Kobayashi, Mr. Shigeki Terashi and Dr. James Kuffner, who are Members of the Board of Directors, concurrently serve as Operating Officers. |
Name (Date of birth) |
Position |
Brief career summary and important concurrent duties |
Number and kind of shares |
|||||
Ryuji Sakai (August 7, 1957) |
Substitute Audit & Supervisory Board Member |
1985 Registered as attorney and joined Nagashima & Ohno 1990 Wilson Sonsini Goodrich & Rosati 1995 Partner of Nagashima & Ohno 2000 Partner of Nagashima Ohno & Tsunematsu (to present) (important concurrent duties) Attorney Outside Audit & Supervisory Board Member of Kobayashi Pharmaceutical Co., Ltd. |
— |
• | It should be a system that encourages members of the board of directors to work to improve the medium- to long-term corporate value of Toyota |
• | It should be a system that can maintain compensation levels that will allow Toyota to secure and retain talented personnel |
• | It should be a system that motivates members of the board of directors to promote management from the same viewpoint as our shareholders with a stronger sense of responsibility as corporate managers |
• | Remuneration level for each position and job responsibility |
• | Evaluation of benchmarks and actual results of fiscal 2020 |
• | Evaluation of individual performance |
• | Determination of the amount of remuneration for each member of the board of directors |
Consolidated operating income |
Indicator for evaluating Toyota’s efforts based on business performance | ||
Volatility of the share price |
Corporate value indicator for shareholders and investors to evaluate Toyota’s efforts | ||
Individual performance evaluation |
Qualitative evaluation of performance of each member of the board of directors |
Evaluation Method |
Reference Value |
Evaluation Result for Fiscal 2019 | ||||
Consolidated operating income |
Evaluate the degree of attainment of consolidated operating income in fiscal 2020, using required income (set in 2011) for Toyota’s sustainable growth as reference value |
¥1 trillion |
180% | |||
Volatility of the Company’s share price |
Comparatively evaluate the volatility of Toyota’s share price up to the end of fiscal 2020, using the share price of Toyota and the Nikkei stock average at the end of fiscal 2019 as reference values |
Company’s share price: ¥6,487 Nikkei average: ¥21,205 |
Segment |
Number of Employees |
Location |
Number of Employees | |||
Automotive |
320,389 |
Japan |
200,244 | |||
Financial services |
11,618 |
North America |
51,080 | |||
All other |
22,559 |
Europe |
21,956 | |||
Unallocated |
4,976 |
Asia |
64,613 | |||
Other* |
21,649 | |||||
Total |
359,542 |
Total |
359,542 | |||
* “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
Eligible persons |
Members of the board of directors of Toyota (excluding outside members of the board of directors) | ||
Total amount of the share compensation |
Maximum of 4.0 billion yen per year | ||
Amount of the share compensation payable to each member of the board of directors |
Set each year considering factors such as corporate results, duties, and performance | ||
Type of shares to be allotted and method of allotment |
Issue or disposal of common shares (with transfer restrictions under an allotment agreement) | ||
Total number of shares to be allotted |
Maximum of 800,000 shares per year in total to eligible members of the board of directors | ||
Amount to be paid |
Determined by the board of directors of Toyota based on the closing price of Toyota’s common shares on the Tokyo Stock Exchange on the business day prior to each resolution of the board of directors, within a range that is not particularly advantageous to eligible members of the board of directors | ||
Transfer restriction period |
A period of three to fifty years from the allotment date, which is determined by the board of directors of Toyota in advance | ||
Conditions for removal of transfer restrictions |
Restrictions will be removed upon the expiration of the transfer restriction period. However, restrictions will also be removed in the case of expiration of the term of office, death, or other legitimate reasons. | ||
Gratis acquisition by Toyota |
Toyota will be able to acquire all allotted shares without consideration in the case of violations of laws and regulations or other reasons specified by the board of directors of Toyota during the transfer restriction period. |
Name of Beneficial Owner |
Number of Shares of Common Stock (in thousands) |
Percentage of Outstanding Voting Shares of Common Stock |
||||||
Toyota Industries Corporation |
238,466 |
8.48 |
1-3. |
Consolidated Financial Statements. Toyota’s audited consolidated financial statements are included under “Item 18 — Financial Statements.” Except for Toyota’s consolidated financial statements included under Item 18, no other information in this annual report has been audited by Toyota’s auditors. |
4. | Not applicable. |
5. | Not applicable. |
6. | Export Sales. See “Operating and Financial Review and Prospects — Operating Results — Overview — Geographic Breakdown.” |
7. | Legal and Arbitration Proceedings. See “Information on the Company — Business Overview — Legal Proceedings.” |
8. | Dividend Policy. See “Key Information — Selected Financial Data — Dividend Information.” |
ITEM |
10. ADDITIONAL INFORMATION |
• | the manufacture, sale, leasing and repair of: |
• | motor vehicles, industrial vehicles, ships, aircraft, other transportation machinery and apparatus, spacecraft and space machinery and apparatus, and parts thereof; |
• | industrial machinery and apparatus, other general machinery and apparatus, and parts thereof; |
• | electrical machinery and apparatus, and parts thereof; and |
• | measuring machinery and apparatus, medical machinery and apparatus, and parts thereof. |
• | the manufacture and sale of ceramics and products of synthetic resins, and materials thereof; |
• | the manufacture, sale and repair of construction materials and equipment, furnishings and fixtures for residential buildings; |
• | the planning, designing, supervision, execution and undertaking of construction works, civil engineering works, land development, urban development and regional development; |
• | the sale, purchase, leasing, brokerage and management of real estate; |
• | the service of information processing, information communications and information supply and the development, sale and leasing of software; |
• | the design and development of product sales systems that utilize networks such as the Internet, sale, leasing and maintenance of computers included within such systems, and sale of products by utilizing such systems; |
• | the inland transportation, marine transportation, air transportation, stevedoring, warehousing and tourism businesses; |
• | the printing, publishing, advertising and publicity, general leasing, security and workers dispatch businesses; |
• | the credit card operations, purchase and sale of securities, investment consulting, investment trust operation, and other financial services; |
• | the operation and management of such facilities as parking lots, showrooms, educational facilities, medical care facilities, sports facilities, marinas, airfields, food and drink stands and restaurants, lodging facilities, retail stores and others; |
• | the non-life insurance agency business and the life insurance agency business; |
• | the production and processing by using biotechnology of agricultural products including trees, and the sale of such products; |
• | the power generation and the supply and sale of electric power; |
• | the sale of goods related to each of the preceding items and mineral oil; |
• | the conducting of engineering, consulting, invention and research relating to each of the preceding items and the utilization of such invention and research; and |
• | any businesses incidental to or related to any of the preceding items. |
(1) | any amendment of the articles of incorporation with certain exceptions in which a shareholders’ resolution is not required; |
(2) | acquisition of its own shares from a specific party; |
(3) | consolidation of shares; |
(4) | any issue or transfer of its shares at a “specially favorable” price (or any issue of stock acquisition rights or bonds with stock acquisition rights at “specially favorable” conditions by Toyota) to any persons other than shareholders; |
(5) | the removal of an audit & supervisory board member; |
(6) | the exemption of liability of a director or audit & supervisory board member with certain exceptions; |
(7) | a reduction of stated capital which meets certain requirements with certain exceptions; |
(8) | a distribution of in-kind dividends which meets certain requirements; |
(9) | dissolution, merger, or consolidation with certain exceptions in which a shareholders’ resolution is not required; |
(10) | the transfer of the whole or a material part of the business; |
(11) | the transfer in entirety or in part of shares or equity interest of a subsidiary under certain conditions; |
(12) | the taking over of the entire business of any other corporation with certain exceptions in which a shareholders’ resolution is not required; |
(13) | share exchange or share transfer for the purpose of establishing 100% parent-subsidiary relationships with certain exceptions in which a shareholders’ resolution is not required; or |
(14) | company split with certain exceptions in which a shareholders’ resolution is not required. |
(i) | individuals who do not reside in Japan; and |
(ii) | corporations whose principal offices are located outside Japan. |
(i) | individuals who are exchange non-residents; |
(ii) | corporations or other organizations that are organized under the laws of foreign countries or whose principal offices are located outside of Japan; |
(iii) | Japanese corporations of which 50% or more of their total voting rights are held directly or indirectly by individuals who are exchange non-residents and/or corporations or other organizations falling within (i) and/or (ii) above; |
(iv) | partnerships under the Civil Code of Japan (Act No. 89 of 1896, as amended) established to invest in corporations, limited partnerships for investment under the Limited Partnership Act for Investment of |
Japan (Act No. 90 of 1998, as amended), or any other similar partnerships under foreign law, of which (a) 50% or more of the total contributions are made by individuals and/or corporations falling within (i), (ii), (iii) above and/or (v) below or any other persons prescribed under the Foreign Exchange Regulations or (b) a majority of the general partners are individuals and/or corporations falling within (i), (ii), (iii) above and/or (v) below or any other persons prescribed under the Foreign Exchange Regulations; and |
(v) | corporations or other organizations, a majority of whose officers, or officers having the power of representation, are individuals who are exchange non-residents. |
(i) | companies engaged in businesses excluding certain businesses designated by the Foreign Exchange Regulations as designated businesses (the “Designated Businesses”); |
(ii) | companies engaged in Designated Businesses designated by the Foreign Exchange Regulations as core sector businesses (the “Core Sector Designated Businesses”); and |
(iii) | corporations engaged in Designated Businesses other than the Core Sector Designated Businesses (the “Non-Core Sector Designated Businesses”). |
(i) | the foreign investor or its closely-related persons (as defined in the Foreign Exchange Regulations) will not become directors or audit & supervisory board members of the relevant company; |
(ii) | the foreign investor will not make certain proposals (as prescribed in the Foreign Exchange Regulations) at a general meeting of shareholders, including transfer or discontinuation of the Designated Businesses of the relevant company; |
(iii) | the foreign investor will not access non-public technical information in relation to the Designated Businesses of the relevant company, or take certain other actions that may lead to the leak of such non-public technical information (as prescribed in the Foreign Exchange Regulations); |
(iv) | the foreign investor will not attend, and will not cause any persons designated by it to attend, meetings of the relevant company’s board of directors, or meetings of committees having authority to make important decisions, in respect of the Core Sector Designated Businesses of the relevant company; and |
(v) | the foreign investor will not make, and will not cause any persons designated by it to make, proposals to such board or committees or their members in writing or electronic form requesting any response or actions by certain deadlines in respect of the Core Sector Designated Businesses of the relevant company. |
1. | an individual who is a citizen or resident of the United States; |
2. | a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized in or under the laws of the United States, any state thereof, or the District of Columbia; |
3. | an estate the income of which is subject to U.S. federal income tax without regard to its source; or |
4. | a trust that is subject to the primary supervision of a U.S. court and the control of one or more U.S. persons, or that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person. |
1. | is a resident of the United States for purposes of the Treaty; |
2. | does not maintain a permanent establishment in Japan (a) with which the shares of common stock or ADSs are effectively connected and through which the U.S. Holder carries on or has carried on business, or (b) of which the shares of common stock or ADSs form part of the business property; and |
3. | is eligible for benefits under the Treaty with respect to income and gain derived in connection with the shares of common stock or ADSs. |
(i) | the gain is effectively connected with a trade or business conducted by the Non-U.S. Holder within the United States (and, if an applicable tax treaty requires, is attributable to a U.S. permanent establishment or fixed base of such Non-U.S. Holder); or |
(ii) | the Non-U.S. Holder is an individual who was present in the United States for 183 or more days in the taxable year of the disposition and other conditions are met. |
ITEM |
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Persons depositing or withdrawing shares must pay: |
For: | |
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) |
• Issuance of ADSs, including issuances resulting from a distribution, sale or exercise of shares or rights or other property• Cancellation of ADSs for the purpose of withdrawal including if the deposit agreement terminates | |
$0.02 (or less) per ADS |
• Any cash distribution to ADS registered holders | |
A fee equivalent to the fee that would be payable if securities distributed to the ADR holder had been shares and the shares had been deposited for issuance of ADSs |
• Distribution of securities distributed to holders of deposited securities which are distributed by the Depositary to ADS registered holders | |
Registration fees |
• Registration of transfer of shares on Toyota’s share register to the name of the Depositary or its nominee or the custodian or its nominee when shares are deposited or withdrawn | |
Expenses of the Depositary |
• Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement)• Converting foreign currency to U.S. dollars | |
Taxes and other governmental charges the Depositary or the custodian have to pay on any ADS or share underlying an ADS |
• As necessary |
(i) | pertain to the maintenance of records that in reasonable detail, accurately and fairly reflect the transactions and dispositions of Toyota’s assets; |
(ii) | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that Toyota’s receipts and expenditures are being made only in accordance with authorizations of Toyota’s management and members of the board of directors; and |
(iii) | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Toyota’s assets that could have a material effect on the financial statements. |
Yen in millions |
||||||||
2019 |
2020 |
|||||||
Audit Fees (1) |
4,517 |
4,712 |
||||||
Audit-related Fees (2) |
84 |
132 |
||||||
Tax Fees (3) |
462 |
398 |
||||||
All Other Fees (4) |
233 |
497 |
||||||
Total |
5,296 |
5,739 |
||||||
(1) | Audit Fees consist of fees billed for the annual audit services engagement and other audit services, which are those services that only the external auditor reasonably can provide, and include the services of annual audit, quarterly reviews and assessment and reviews of the effectiveness of internal controls over financial reporting of Toyota and its subsidiaries and affiliated companies; the services associated with SEC registration statements or other documents issued in connection with securities offerings such as comfort letters and consents; and consultations as to the accounting or disclosure treatment of transactions or events. |
(2) | Audit-related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of its financial statements or that are traditionally performed by the external auditor, and mainly include services such as due diligence; agreed-upon or expanded audit procedures; internal control reviews and assistance; review of the information system; and financial statement audits of employee benefit plans. |
(3) | Tax Fees include fees billed for tax compliance services, including services such as tax planning, advice and compliance of federal, state, local and international tax; the review of tax returns; assistance with tax audits and appeals; tax-only valuation services including transfer pricing and cost segregation studies; expatriate tax assistance and compliance. |
(4) | All Other Fees primarily include fees billed for risk management advisory services of assessment and testing of security infrastructure controls; services providing information related to automotive market conditions; IT advisory services; and other advisory services. |
Period |
(a) Total Number of Shares Purchased (1) |
(b) Average Price Paid per Share (Yen) (1) |
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) |
(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) |
||||||||||||
April 1, 2019 – April 30, 2019 |
1,577 |
6,782.21 |
— |
— |
||||||||||||
May 1, 2019 – May 31, 2019 |
679 |
6,693.88 |
— |
— |
||||||||||||
June 1, 2019 – June 30, 2019 |
8,100,984 |
6,701.95 |
8,099,800 |
— |
||||||||||||
July 1, 2019 – July 31, 2019 |
11,601,802 |
6,990.64 |
11,599,900 |
— |
||||||||||||
August 1, 2019 – August 31, 2019 |
15,997,860 |
6,864.98 |
15,995,800 |
— |
||||||||||||
September 1, 2019 – September 30, 2019 |
7,653,704 |
7,163.37 |
7,652,000 |
— |
||||||||||||
October 1, 2019 – October 31, 2019 |
1,736 |
7,266.22 |
— |
— |
||||||||||||
November 1, 2019 – November 30, 2019 |
3,227,320 |
7,807.68 |
3,224,400 |
— |
||||||||||||
December 1, 2019 – December 31, 2019 |
5,805,290 |
7,745.63 |
5,803,100 |
— |
||||||||||||
January 1, 2020 – January 31, 2020 |
5,933,097 |
7,722.45 |
5,929,400 |
— |
||||||||||||
February 1, 2020 – February 28, 2020 |
6,986,560 |
7,683.72 |
6,984,400 |
— |
||||||||||||
March 1, 2020 – March 31, 2020 |
4,245,526 |
7,167.43 |
4,244,100 |
— |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
69,556,135 |
— |
69,532,900 |
— |
||||||||||||
(1) | A portion of the above purchases were made as a result of holders of shares constituting less than one unit, which is 100 shares of common stock, requesting Toyota to purchase shares that are a fraction of a unit, in |
accordance with Toyota’s share handling regulations. Toyota is required to comply with such requests pursuant to the Companies Act. See “Additional Information — Memorandum and Articles of Association — Japanese Unit Share System.” The number of shares purchased not pursuant to publicly announced plans or programs conducted in fiscal 2020 is 23,235. |
(2) | Toyota announced on May 8, 2019, that it would repurchase up to 50 million common shares between May 15, 2019 and September 30, 2019 at a total price up to ¥300 billion, in order to return to shareholders the profits derived in the fiscal year ended March 31, 2019. Toyota also announced on November 7, 2019 that it would repurchase up to 34 million common shares between November 11, 2019 and March 31, 2020 at a total price up to ¥250 billion in order to return to shareholders the profits derived in the interim period ended September 30, 2019. |
(a) | the person has never been a member of the board of directors, accounting counselor (in the case that an accounting counselor is a legal entity, an employee of such entity who is in charge of its affairs), executive officer, manager or employee of Toyota or its subsidiaries during the ten year period before becoming an outside audit & supervisory board member; |
(b) | if the person was an audit & supervisory board member of Toyota or any of its subsidiaries at any time during the ten year period before becoming an outside audit & supervisory board member, such person has not been a member of the board of directors, accounting counselor (in the case that an accounting counselor is a legal entity, an employee of such entity who is in charge of its affairs), executive officer, manager or employee of Toyota or any of its subsidiaries during the ten year period before becoming an audit & supervisory board member of Toyota or any of its subsidiaries; and |
(c) | the person is not a spouse or relative within the second degree of kinship of any member of the board of directors or manager or other key employee of Toyota. |
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F-7 |
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F-8 |
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F-10 |
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F-11 |
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
2020 |
|||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
|
|
||||||
Time deposits |
|
|
||||||
Marketable securities *1 |
|
|
||||||
Trade accounts and notes receivable, less allowance for doubtful accounts of ¥ |
|
|
||||||
Finance receivables, net |
|
|
||||||
Other receivables |
|
|
||||||
Inventories |
|
|
||||||
Prepaid expenses and other current assets |
|
|
||||||
Total current assets |
|
|
||||||
Noncurrent finance receivables, net |
|
|
||||||
Investments and other assets |
||||||||
Marketable securities and other securities investments *1 |
|
|
||||||
Affiliated companies |
|
|
||||||
Employees receivables |
|
|
||||||
Other |
|
|
||||||
Total investments and other assets |
|
|
||||||
Property, plant and equipment |
||||||||
Land |
|
|
||||||
Buildings |
|
|
||||||
Machinery and equipment |
|
|
||||||
Vehicles and equipment on operating leases |
|
|
||||||
Construction in progress |
|
|
||||||
Total property, plant and equipment, at cost |
|
|
||||||
Less - Accumulated depreciation |
( |
) | ( |
) | ||||
Total property, plant and equipment, net |
|
|
||||||
Total assets |
|
|
||||||
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
2020 |
|||||||
Liabilities |
||||||||
Current liabilities |
||||||||
Short-term borrowings |
|
|
||||||
Current portion of long-term debt |
|
|
||||||
Accounts payable |
|
|
||||||
Other payables |
|
|
||||||
Accrued expenses |
|
|
||||||
Income taxes payable |
|
|
||||||
Other current liabilities |
|
|
||||||
Total current liabilities |
|
|
||||||
Long-term liabilities |
||||||||
Long-term debt |
|
|
||||||
Accrued pension and severance costs |
|
|
||||||
Deferred income taxes |
|
|
||||||
Other long-term liabilities |
|
|
||||||
Total long-term liabilities |
|
|
||||||
Total liabilities |
|
|
||||||
Mezzanine equity |
||||||||
Model AA Class Shares, *2 |
|
|
||||||
authorized: issued: |
||||||||
Shareholders’ equity |
||||||||
Toyota Motor Corporation shareholders’ equity |
||||||||
Common stock, *2 authorized: issued: |
|
|
||||||
Additional paid-in capital |
|
|
||||||
Retained earnings |
|
|
||||||
Accumulated other comprehensive income (loss) |
( |
) | ( |
) | ||||
Treasury stock, at cost, |
( |
) | ( |
) | ||||
Total Toyota Motor Corporation shareholders’ equity |
|
|
||||||
Noncontrolling interests |
|
|
||||||
Total shareholders’ equity |
|
|
||||||
Commitments and contingencies |
||||||||
Total liabilities, mezzanine equity and shareholders’ equity |
|
|
||||||
*1: |
Marketable securities and Marketable securities and other securities investments for the fiscal year ended March 31, 2020 include securities loaned of ¥ |
*2: |
The total number of authorized shares for common stock and Model AA Class Shares is |
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|||||||||||
Net revenues |
||||||||||||
Sales of products |
||||||||||||
Financing operations |
||||||||||||
Total net revenues |
||||||||||||
Costs and expenses |
||||||||||||
Cost of products sold |
||||||||||||
Cost of financing operations |
||||||||||||
Selling, general and administrative |
||||||||||||
Total costs and expenses |
||||||||||||
Operating income |
||||||||||||
Other income (expense) |
||||||||||||
Interest and dividend income |
||||||||||||
Interest expense |
( |
) | ( |
) | ( |
) | ||||||
Foreign exchange gain (loss) , net |
( |
) | ||||||||||
Unrealized gains (losses) on equity securities |
— |
( |
) | ( |
) | |||||||
Other income (loss), net |
( |
) | ||||||||||
Total other income (expense) |
( |
) | ||||||||||
Income before income taxes and equity in earnings of affiliated companies |
||||||||||||
Provision for income taxes |
||||||||||||
Equity in earnings of affiliated companies |
||||||||||||
Net income |
||||||||||||
Less - Net income attributable to noncontrolling interests |
( |
) | ( |
) | ( |
) | ||||||
Net income attributable to Toyota Motor Corporation |
||||||||||||
Note: Net income attributable to common shareholders for the fiscal year ended March 31, 2018, 2019 and 2020 is ¥ |
||||||||||||
Yen |
||||||||||||
Net income attributable to Toyota Motor Corporation |
||||||||||||
- Basic |
||||||||||||
- Diluted |
||||||||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|
||||||||||
Net income |
|
|
|
|||||||||
Other comprehensive income (loss), net of tax |
||||||||||||
Foreign currency translation adjustments |
( |
) | |
( |
) | |||||||
Unrealized gains (losses) on securities |
( |
) | ( |
) | |
|||||||
Pension liability adjustments |
|
( |
) | ( |
) | |||||||
Total other comprehensive income (loss) |
( |
) | ( |
) | ( |
) | ||||||
Comprehensive income |
|
|
|
|||||||||
Less - Comprehensive income attributable to noncontrolling interests |
( |
) | ( |
) | ( |
) | ||||||
Comprehensive income attributable to Toyota Motor Corporation |
|
|
|
|||||||||
Yen in millions |
||||||||||||||||||||||||||||||||
Common stock |
Additional paid-in capital |
Retained earnings |
Accumulated other comprehensive income (loss) |
Treasury stock, at cost |
Total Toyota Motor Corporation shareholders’ equity |
Noncontrolling interests |
Total shareholders’ equity |
|||||||||||||||||||||||||
Balances at March 31, 2017 |
|
|
|
|
( |
) | |
|
|
|||||||||||||||||||||||
Equity transaction with noncontrolling interests and other |
|
|
( |
) | |
( |
) | ( |
) | |||||||||||||||||||||||
Comprehensive income |
||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income (loss) |
||||||||||||||||||||||||||||||||
Foreign currency translation adjustments |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Unrealized gains (losses) on securities |
( |
) | ( |
) | |
( |
) | |||||||||||||||||||||||||
Pension liability adjustments |
|
|
|
|
||||||||||||||||||||||||||||
Total comprehensive income |
|
|
|
|||||||||||||||||||||||||||||
Accretion to Mezzanine equity |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends to Toyota Motor Corporation class shareholders |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends paid to Toyota Motor Corporation common shareholders |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends paid to noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Repurchase of treasury stock |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Reissuance of treasury stock |
|
|
|
|
||||||||||||||||||||||||||||
Balances at March 31, 2018 |
|
|
|
|
( |
) | |
|
|
|||||||||||||||||||||||
Cumulative effect of accounting changes |
|
( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||
Equity transaction with noncontrolling interests and other |
|
|
( |
) | ( |
) | ||||||||||||||||||||||||||
Comprehensive income |
||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income (loss) |
||||||||||||||||||||||||||||||||
Foreign currency translation adjustments |
|
|
( |
) | |
|||||||||||||||||||||||||||
Unrealized gains (losses) on securities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Pension liability adjustments |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Total comprehensive income |
|
|
|
|||||||||||||||||||||||||||||
Accretion to Mezzanine equity |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends to Toyota Motor Corporation class shareholders |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends paid to Toyota Motor Corporation common shareholders |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends paid to noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Repurchase of treasury stock |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Reissuance of treasury stock |
( |
) | |
|
|
|||||||||||||||||||||||||||
Balances at March 31, 2019 |
|
|
|
( |
) | ( |
) | |
|
|
||||||||||||||||||||||
Yen in millions |
||||||||||||||||||||||||||||||||
Common stock |
Additional paid-in capital |
Retained earnings |
Accumulated other comprehensive income (loss) |
Treasury stock, at cost |
Total Toyota Motor Corporation shareholders’ equity |
Noncontrolling interests |
Total shareholders’ equity |
|||||||||||||||||||||||||
Balances at March 31, 2019 |
|
|
|
( |
) | ( |
) | |
|
|
||||||||||||||||||||||
Equity transaction with noncontrolling |
( |
) | |
|
( |
) | ( |
) | ||||||||||||||||||||||||
Comprehensive income |
||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income (loss) |
||||||||||||||||||||||||||||||||
Foreign currency translation adjustments |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Unrealized gains (losses) on |
|
|
( |
) | |
|||||||||||||||||||||||||||
Pension liability adjustments |
( |
) | ( |
) | |
( |
) | |||||||||||||||||||||||||
Total comprehensive income |
|
|
|
|||||||||||||||||||||||||||||
Accretion to Mezzanine equity |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends to |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends paid to noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Repurchase of treasury stock |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Reissuance of treasury stock |
|
|
|
|
||||||||||||||||||||||||||||
Balances at March 31, 2020 |
|
|
|
( |
) | ( |
) | |
|
|
||||||||||||||||||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|
||||||||||
Cash flows from operating activities |
||||||||||||
Net income |
|
|
|
|||||||||
Adjustments to reconcile net income to net cash provided by operating activities |
||||||||||||
Depreciation |
|
|
|
|||||||||
Provision (reversal) for doubtful accounts and credit losses |
|
|
|
|||||||||
Pension and severance costs, less payments |
|
|
|
|||||||||
Losses on disposal of fixed assets |
|
|
|
|||||||||
Unrealized losses (gains) on securities |
|
|
|
|||||||||
Deferred income taxes |
( |
) | ( |
) | |
|||||||
Equity in earnings of affiliated companies |
( |
) | ( |
) | ( |
) | ||||||
Changes in operating assets and liabilities, and other |
||||||||||||
(Increase) decrease in accounts and notes receivable |
( |
) | ( |
) | |
|||||||
Increase in inventories |
( |
) | ( |
) | ( |
) | ||||||
Increase in other current assets |
( |
) | ( |
) | ( |
) | ||||||
Increase (decrease) in accounts payable |
|
|
( |
) | ||||||||
Increase (decrease) in accrued income taxes |
|
( |
) | ( |
) | |||||||
Increase in other current liabilities |
|
|
|
|||||||||
Other |
|
|
|
|||||||||
Net cash provided by operating activities |
|
|
|
|||||||||
Cash flows from investing activities |
||||||||||||
Additions to finance receivables |
( |
) | ( |
) | ( |
) | ||||||
Collection of finance receivables |
|
|
|
|||||||||
Proceeds from sales of finance receivables |
|
|
|
|||||||||
Additions to fixed assets excluding equipment leased to others |
( |
) | ( |
) | ( |
) | ||||||
Additions to equipment leased to others |
( |
) | ( |
) | ( |
) | ||||||
Proceeds from sales of fixed assets excluding equipment leased to others |
|
|
|
|||||||||
Proceeds from sales of equipment leased to others |
|
|
|
|||||||||
Purchases of marketable securities and security investments |
( |
) | ( |
) | ( |
) | ||||||
Proceeds from sales of marketable securities and security investments |
|
|
|
|||||||||
Proceeds upon maturity of marketable securities and security investments |
|
|
|
|||||||||
Payment for additional investments in affiliated companies, net of cash acquired |
( |
) | |
( |
) | |||||||
Changes in investments and other assets, and other |
|
( |
) | |
||||||||
Net cash used in investing activities |
( |
) | ( |
) | ( |
) | ||||||
Cash flows from financing activities |
||||||||||||
Proceeds from issuance of long-term debt |
|
|
|
|||||||||
Payments of long-term debt |
( |
) | ( |
) | ( |
) | ||||||
Increase in short-term borrowings |
|
|
|
|||||||||
Dividends paid to Toyota Motor Corporation class shareholders |
( |
) | ( |
) | ( |
) | ||||||
Dividends paid to Toyota Motor Corporation common shareholders |
( |
) | ( |
) | ( |
) | ||||||
Dividends paid to noncontrolling interests |
( |
) | ( |
) | ( |
) | ||||||
Reissuance (repurchase) of treasury stock |
( |
) | ( |
) | ( |
) | ||||||
Net cash provided by (used in) financing activities |
( |
) | ( |
) | |
|||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents |
( |
) | ( |
) | ( |
) | ||||||
Net increase in cash and cash equivalents and restricted cash and cash equivalents |
|
|
|
|||||||||
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year |
|
|
|
|||||||||
Cash and cash equivalents and restricted cash and cash equivalents at end of year |
|
|
|
|||||||||
Yen in millions |
||||||||
March 31, |
||||||||
Retail |
||||||||
Finance leases |
||||||||
Wholesale |
||||||||
Real estate |
||||||||
Working capital |
||||||||
Yen in millions |
||||||||
March 31, |
||||||||
Retail |
||||||||
Finance leases |
||||||||
Yen in millions |
||||||||||||||||
March 31, 2019 |
||||||||||||||||
Cost |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
|||||||||||||
Available-for-sale |
||||||||||||||||
Public and corporate bonds |
||||||||||||||||
Other |
||||||||||||||||
Total |
||||||||||||||||
Securities not practicable to determine fair value |
||||||||||||||||
Public and corporate bonds |
||||||||||||||||
Yen in millions |
||||||||||||||||
March 31, 2020 |
||||||||||||||||
Gross unrealized gains |
Gross unrealized losses |
|||||||||||||||
Available-for-sale |
||||||||||||||||
Public and corporate bonds |
||||||||||||||||
Other |
||||||||||||||||
Total |
||||||||||||||||
Securities not practicable to determine fair value |
||||||||||||||||
Public and corporate bonds |
||||||||||||||||
Yen in millions |
||||||||
For the years ended March 31, |
||||||||
2019 |
2020 |
|||||||
Net gains (losses) recognized on equity securities |
( |
) |
( |
) | ||||
Less: Net gains (losses) recognized on equity securities sold |
||||||||
Unrealized gains (losses) on equity securities |
( |
) |
( |
) |
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
||||||||
Retail |
||||||||
Finance leases |
||||||||
Wholesale and other dealer loans |
||||||||
Deferred origination costs |
||||||||
Unearned income |
( |
) | ( |
) | ||||
Allowance for credit losses |
||||||||
Retail |
( |
) | ( |
) | ||||
Finance leases |
( |
) | ( |
) | ||||
Wholesale and other dealer loans |
( |
) | ( |
) | ||||
Total allowance for credit losses |
( |
) | ( |
) | ||||
Total finance receivables, net |
||||||||
Less - Current portion |
( |
) | ( |
) | ||||
Noncurrent finance receivables, net |
||||||||
Yen in millions |
||||||||||||
Years ending March 31, |
Retail |
Finance leases |
Wholesale and other dealer loans |
|||||||||
2021 |
|
| ||||||||||
2022 |
||||||||||||
2023 |
||||||||||||
2024 |
||||||||||||
2025 |
||||||||||||
Thereafter |
||||||||||||
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
||||||||
Minimum lease payments |
||||||||
Estimated unguaranteed residual values |
||||||||
Deferred origination costs |
||||||||
Less - Unearned income |
( |
) | ( |
) | ||||
Less - Allowance for credit losses |
( |
) | ( |
) | ||||
Finance leases, net |
||||||||
Yen in millions |
||||||||||||||||||||
March 31, 2019 |
||||||||||||||||||||
Retail |
Finance leases |
Wholesale |
Real estate |
Working capital |
||||||||||||||||
Current |
||||||||||||||||||||
30-59 days past due |
— |
— |
||||||||||||||||||
60-89 days past due |
— |
— |
||||||||||||||||||
90 days or greater past due |
||||||||||||||||||||
Total |
||||||||||||||||||||
Yen in millions |
||||||||||||||||||||
March 31, 2020 |
||||||||||||||||||||
Retail |
Finance leases |
Wholesale |
Real estate |
Working capital |
||||||||||||||||
Current |
||||||||||||||||||||
30-59 days past due |
— |
|||||||||||||||||||
60-89 days past due |
— |
|||||||||||||||||||
90 days or greater past due |
||||||||||||||||||||
Total |
||||||||||||||||||||
At Risk: |
Account where there is an increased likelihood that default may exist based on qualitative and quantitative factors |
Default: |
Account is not currently meeting contractual obligations or we have temporarily waived certain contractual requirements |
Yen in millions |
||||||||||||||||
March 31, 2019 |
||||||||||||||||
Wholesale |
Real estate |
Working capital |
Total |
|||||||||||||
Performing |
||||||||||||||||
Credit Watch |
||||||||||||||||
At Risk |
||||||||||||||||
Default |
||||||||||||||||
Total |
||||||||||||||||
Yen in millions |
||||||||||||||||
March 31, 2020 |
||||||||||||||||
Wholesale |
Real estate |
Working capital |
Total |
|||||||||||||
Performing |
||||||||||||||||
Credit Watch |
||||||||||||||||
At Risk |
||||||||||||||||
Default |
||||||||||||||||
Total |
||||||||||||||||
Yen in millions |
||||||||||||||||||||||||
Recorded investment |
Unpaid principal balance |
Individually evaluated allowance |
||||||||||||||||||||||
March 31, |
March 31, |
March 31, |
||||||||||||||||||||||
2019 |
2020 |
2019 |
2020 |
2019 |
2020 |
|||||||||||||||||||
Impaired account balances individually evaluated for impairment with an allowance: |
||||||||||||||||||||||||
Wholesale |
||||||||||||||||||||||||
Real estate |
||||||||||||||||||||||||
Working capital |
||||||||||||||||||||||||
Total |
||||||||||||||||||||||||
Impaired account balances individually evaluated for impairment without an allowance: |
||||||||||||||||||||||||
Wholesale |
||||||||||||||||||||||||
Real estate |
||||||||||||||||||||||||
Working capital |
||||||||||||||||||||||||
Total |
||||||||||||||||||||||||
Impaired account balances aggregated and evaluated for impairment: |
||||||||||||||||||||||||
Retail |
||||||||||||||||||||||||
Finance leases |
||||||||||||||||||||||||
Total |
||||||||||||||||||||||||
Total impaired account balances: |
||||||||||||||||||||||||
Retail |
||||||||||||||||||||||||
Finance leases |
||||||||||||||||||||||||
Wholesale |
||||||||||||||||||||||||
Real estate |
||||||||||||||||||||||||
Working capital |
||||||||||||||||||||||||
Total |
||||||||||||||||||||||||
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
||||||||
Finished goods |
||||||||
Raw materials |
||||||||
Work in process |
||||||||
Supplies and other |
||||||||
Total |
||||||||
9. Vehicles and equipment on operating leases: |
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
||||||||
Vehicles |
||||||||
Equipment |
||||||||
Less - Deferred income and other |
( |
) | ( |
) | ||||
Less - Accumulated depreciation |
( |
) | ( |
) | ||||
Less - Allowance for credit losses |
( |
) | ( |
) | ||||
Vehicles and equipment on operating leases, net |
||||||||
Years ending March 31, |
Yen in millions |
|||
2021 |
||||
2022 |
||||
2023 |
||||
2024 |
||||
2025 |
||||
Thereafter |
||||
Total minimum future rentals |
||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
2020 |
||||||||||
Allowance for doubtful accounts at beginning of year |
||||||||||||
Provision for doubtful accounts, net of reversal |
( |
) | ( |
) | ||||||||
Write-offs |
( |
) | ( |
) | ( |
) | ||||||
Other |
( |
) | ( |
) | ||||||||
Allowance for doubtful accounts at end of year |
||||||||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
2020 |
||||||||||
Allowance for credit losses at beginning of year |
||||||||||||
Provision for credit losses, net of reversal |
||||||||||||
Charge-offs |
( |
) | ( |
) | ( |
) | ||||||
Recoveries |
||||||||||||
Other |
( |
) | ( |
) | ||||||||
Allowance for credit losses at end of year |
||||||||||||
Yen in millions |
||||||||||||
For the year ended March 31, 2018 |
||||||||||||
Retail |
Finance leases |
Wholesale and other dealer loans |
||||||||||
Allowance for credit losses at beginning of year |
||||||||||||
Provision for credit losses, net of reversal |
||||||||||||
Charge-offs |
( |
) | ( |
) | ( |
) | ||||||
Recoveries |
||||||||||||
Other |
||||||||||||
Allowance for credit losses at end of year |
||||||||||||
Yen in millions |
||||||||||||
For the year ended March 31, 2019 |
||||||||||||
Retail |
Finance leases |
Wholesale and other dealer loans |
||||||||||
Allowance for credit losses at beginning of year |
||||||||||||
Provision for credit losses, net of reversal |
||||||||||||
Charge-offs |
( |
) | ( |
) | ( |
) | ||||||
Recoveries |
||||||||||||
Other |
( |
) | ( |
) | ( |
) | ||||||
Allowance for credit losses at end of year |
||||||||||||
Yen in millions |
||||||||||||
For the year ended March 31, 2020 |
||||||||||||
Finance leases |
Wholesale and other dealer loans |
|||||||||||
Allowance for credit losses at beginning of year |
||||||||||||
Provision for credit losses, net of reversal |
||||||||||||
Charge-offs |
( |
) | ( |
) | ( |
) | ||||||
Recoveries |
||||||||||||
Other |
( |
) | ( |
) | ( |
) | ||||||
Allowance for credit losses at end of year |
||||||||||||
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
2020 |
|||||||
Current assets |
||||||||
Noncurrent assets |
||||||||
Total assets |
||||||||
Current liabilities |
||||||||
Long-term liabilities and noncontrolling interests |
||||||||
Affiliated companies accounted for by the equity method shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
||||||||
Toyota’s share of affiliated companies accounted for by the equity method shareholders’ equity |
||||||||
Number of affiliated companies accounted for by the equity method at end of period |
||||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|||||||||||
Net revenues |
||||||||||||
Gross profit |
||||||||||||
Net income attributable to affiliated companies accounted for by the equity method |
||||||||||||
Equity in earnings of affiliated companies attributable to Toyota Motor Corporation |
||||||||||||
Percentage of ownership |
||||||||
March 31, |
||||||||
Name of affiliated companies |
2019 |
|||||||
Denso Corporation |
% | % | ||||||
Subaru Corporation |
— |
% | ||||||
Toyota Industries Corporation |
% | % | ||||||
Aisin Seiki Co., Ltd. |
% | % | ||||||
Toyota Tsusho Corporation |
% | % |
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
2020 |
|||||||
Trade accounts and notes receivable, and other receivables |
||||||||
Accounts payable and other payables |
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
2020 |
||||||||||
Net revenues |
||||||||||||
Purchases |
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
|
|||||||
Loans, principally from banks, with a weighted-average interest at March 31, 2019 and March 31, 2020 of |
|
|
||||||
Commercial paper with a weighted-average interest at March 31, 2019 and March 31, 2020 of |
|
|
||||||
|
|
|||||||
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
2020 |
|||||||
Unsecured loans, representing obligations principally to banks, due |
|
|
||||||
Secured loans, representing obligations principally to finance receivables securitization due |
|
|
||||||
Medium-term notes of consolidated subsidiaries, due March 31, 2020 of |
|
|
||||||
Unsecured notes of parent company, due |
|
|
||||||
Unsecured notes of consolidated subsidiaries, due |
|
|
||||||
Secured notes of consolidated subsidiaries, due |
|
|
||||||
Long-term finance lease obligations, due e st ranging from |
|
|
||||||
|
|
|||||||
Less - Current portion due within one year |
( |
) |
( |
) | ||||
|
|
|||||||
Years ending March 31, |
Yen in millions |
|||
2021 |
|
|||
2022 |
|
|||
2023 |
|
|||
2024 |
|
|||
2025 |
|
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|||||||||||
Liabilities for quality assurances at beginning of year |
||||||||||||
Payments made during year |
( |
) | ( |
) | ( |
) | ||||||
Provision for quality assurances |
||||||||||||
Changes relating to pre-existing quality assurances |
( |
) | ( |
) | ( |
) | ||||||
Other |
( |
) | ( |
) | ( |
) | ||||||
Liabilities for quality assurances at end of year |
||||||||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|||||||||||
Liabilities for recalls and other safety measures at beginning of year |
||||||||||||
Payments made during year |
( |
) | ( |
) | ( |
) | ||||||
Provision for recalls and other safety measures |
||||||||||||
Other |
( |
) | ( |
) | ||||||||
Liabilities for recalls and other safety measures at end of year |
||||||||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|||||||||||
Income before income taxes: |
||||||||||||
Parent company and domestic subsidiaries |
||||||||||||
Foreign subsidiaries |
||||||||||||
The provision for income taxes consists of the following: |
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|||||||||||
Current income tax expense: |
||||||||||||
Parent company and domestic subsidiaries |
||||||||||||
Foreign subsidiaries |
||||||||||||
Total current |
||||||||||||
Deferred income tax expense (benefit): |
||||||||||||
Parent company and domestic subsidiaries |
( |
) | ||||||||||
Foreign subsidiaries |
( |
) | ||||||||||
Total deferred |
( |
) | ( |
) | ||||||||
Total provision |
||||||||||||
|
For the years ended March 31, |
|||||||||||
|
2018 |
2019 |
2020 |
|||||||||
Statutory tax rate |
|
% | |
% | |
% | ||||||
Increase (reduction) in taxes resulting from: |
||||||||||||
Non-deductible expenses |
|
|
|
|||||||||
Deferred tax liabilities on undistributed earnings of foreign subsidiaries |
|
|
|
|||||||||
Deferred tax liabilities on undistributed earnings of affiliated companies accounted for by the equity method |
|
|
|
|||||||||
Valuation allowance |
( |
) | |
|
||||||||
Tax credits |
( |
) | ( |
) | ( |
) | ||||||
The difference between the statutory tax rate in Japan and that of foreign subsidiaries |
( |
) | ( |
) | ( |
) | ||||||
Unrecognized tax benefits adjustments |
|
( |
) | ( |
) | |||||||
Revision to reduce deferred tax assets and liabilities at the fiscal year-end due to changes intax rates |
|
|
|
|||||||||
Effect of the Tax Cuts and Jobs Act of 2017 of the United States |
( |
) | |
|
||||||||
Other |
( |
) | |
|
||||||||
Effective income tax rate |
|
% | |
% | |
% | ||||||
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
|
|||||||
Deferred tax assets |
||||||||
Accrued pension and severance costs |
|
|
||||||
Accrued expenses and liabilities for quality assurances |
|
|
||||||
Other accrued employees’ compensation |
|
|
||||||
Operating loss carryforwards for tax purposes |
|
|
||||||
Allowance for doubtful accounts and credit losses |
|
|
||||||
Property, plant and equipment and other assets |
|
|
||||||
Other |
|
|
||||||
Gross deferred tax assets |
|
|
||||||
Less - Valuation allowance |
( |
) | ( |
) | ||||
Total deferred tax assets |
|
|
||||||
Deferred tax liabilities |
||||||||
Unrealized gains on securities, net |
( |
) | ( |
) | ||||
Undistributed earnings of foreign subsidiaries |
( |
) | ( |
) | ||||
Undistributed earnings of affiliated companies accounted for by the equity |
( |
) | ( |
) | ||||
Basis difference of acquired assets |
( |
) | ( |
) | ||||
Lease transactions |
( |
) | ( |
) | ||||
Other |
( |
) | ( |
) | ||||
Gross deferred tax liabilities |
( |
) | ( |
) | ||||
Net deferred tax liability |
( |
) | ( |
) | ||||
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
|
|||||||
Deferred tax assets |
||||||||
Investments and other assets - Other |
|
|
||||||
Deferred tax liabilities |
||||||||
Deferred income taxes (Long-term liabilities) |
( |
) | ( |
) | ||||
Net deferred tax liability |
( |
) | ( |
) | ||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|
||||||||||
Valuation allowance at beginning of year |
|
|
|
|||||||||
Additions |
|
|
|
|||||||||
Deductions |
( |
) | ( |
) | ( |
) | ||||||
Other |
|
( |
) | ( |
) | |||||||
Valuation allowance at end of year |
|
|
|
|||||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|
||||||||||
Balance at beginning of year |
|
|
|
|||||||||
Additions based on tax positions related to the current year |
|
|
|
|||||||||
Additions for tax positions of prior years |
|
|
|
|||||||||
Reductions for tax positions of prior years |
( |
) | ( |
) | ( |
) | ||||||
Reductions for tax positions related to lapse of statute of limitations |
|
|
|
|||||||||
Reductions for settlements |
( |
) | ( |
) | ( |
) | ||||||
Other |
( |
) | |
( |
) | |||||||
Balance at end of year |
|
|
|
|||||||||
Total number of shares issued |
: |
| ||||
Issue price |
: |
| ||||
Purchase price |
: |
| ||||
Voting rights |
: |
| ||||
Restrictions on transfer |
: |
| ||||
Dividends |
: |
(1) on March 31, 2016 : | ||||
(2) If the record date falls in the fiscal year ending on March 31, 2017 through March 31, 2020 : the annual dividend rate for the previous fiscal year plus | ||||||
(3) If the record date falls in the fiscal year ending on March 31, 2021 or later : | ||||||
Shareholder’s right |
: |
(1) Shareholders of the Model AA Class Shares may demand TMC to acquire all or a part of their Model AA Class Shares in exchange for Common Shares on the first business day of April and October of every year, starting October 1, 2020. | ||||
|
|
(2) Shareholder’s cash put optionShareholders of the Model AA Class Shares may demand TMC to acquire all or a part of their Model AA Class Shares in exchange for cash on the last business day of March, June, September and December of each year, starting on September 1, 2020. | ||||
TMC’s right |
: |
|
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|
||||||||||
Common stock issued |
||||||||||||
Balance at beginning of year |
|
|
|
|||||||||
Issuance during the year |
|
|
|
|||||||||
Purchase and retirement |
|
|
|
|||||||||
Balance at end of year |
|
|
|
|||||||||
Number of common shares repurchased |
|
|||
Total purchase price for repurchase of shares |
¥ |
Number of common shares reissued |
8,293,300 shares |
|||
Amount of proceeds |
¥50,000 million |
Number of common shares repurchased |
|
|||
Total purchase price for repurchase of shares |
¥ |
Number of common shares repurchased |
|
|||
Total purchase price for repurchase of shares |
¥ |
Number of common shares reissued |
|
|||
Amount of reissuance |
¥ |
Yen in millions |
||||||||||||||||
Foreign currency translation adjustments |
Unrealized gains (losses) on securities |
Pension liability adjustments |
Accumulated other comprehensive income (loss) |
|||||||||||||
Balance at March 31, 2017 |
( |
) | |
( |
) | |
||||||||||
Other comprehensive income (loss) before reclassifications, net of taxes of ¥( |
( |
) | ( |
) | |
( |
) | |||||||||
Reclassifications, net of taxes of ¥— million, ¥ |
( |
) | ( |
) | |
( |
) | |||||||||
Other comprehensive income (loss), net of tax |
( |
) | ( |
) | |
( |
) | |||||||||
Less - Other comprehensive income attributable to noncontrolling interests |
|
( |
) | ( |
) | ( |
) | |||||||||
Equity transaction with noncontrolling interests and other |
— |
|
( |
) | ( |
) | ||||||||||
Balance at March 31, 2018 |
( |
) | |
( |
) | |
||||||||||
Effect of change in accounting policy |
|
( |
) | — |
( |
) | ||||||||||
Other comprehensive income (loss) before reclassifications, net of taxes of ¥ |
|
( |
) | ( |
) | ( |
) | |||||||||
Reclassifications, net of taxes of ¥— million, ¥ |
|
( |
) | |
( |
) | ||||||||||
Other comprehensive income (loss), net of tax |
|
( |
) | ( |
) | ( |
) | |||||||||
Less - Other comprehensive income attributable to noncontrolling interests |
|
|
|
|
||||||||||||
Balance at March 31, 2019 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other comprehensive income (loss) before reclassifications, net of taxes of ¥ |
( |
) | |
( |
) | ( |
) | |||||||||
Reclassifications, net of taxes of ¥ |
— |
|
|
|
||||||||||||
Other comprehensive income (loss), net of tax |
( |
) | |
( |
) | ( |
) | |||||||||
Less - Other comprehensive income attributable to noncontrolling interests |
|
|
( |
) | |
|||||||||||
Equity transaction with noncontrolling interests and other |
|
|
|
|
|
|
( |
) |
|
|
|
|
|
| ||
Balance at March 31, 2020 |
( |
) | |
( |
) | ( |
) | |||||||||
Yen in millions | ||||||||||||||
For the years ended March 31, |
Affected line items in the consolidated statements of income | |||||||||||||
2018 |
2019 |
|||||||||||||
Foreign currency translation adjustments: |
||||||||||||||
( |
) | — |
Other income (loss), net | |||||||||||
( |
) | — |
Income before income taxes and equity in earnings of affiliated companies | |||||||||||
( |
) | — |
Net income | |||||||||||
Unrealized gains (losses) on securities: |
||||||||||||||
( |
) | ( |
) | Financing operations | ||||||||||
( |
) | ( |
) | Foreign exchange gain (loss), net | ||||||||||
( |
) | ( |
) | ( |
) | Other income (loss), net | ||||||||
( |
) | ( |
) | Income before income taxes and equity in earnings of affiliated companies | ||||||||||
( |
) | Provision for income taxes | ||||||||||||
( |
) | Equity in earnings of affiliated companies | ||||||||||||
( |
) | ( |
) | Net income | ||||||||||
Pension liability adjustments: |
||||||||||||||
Recognized net actuarial loss |
*1 | |||||||||||||
Amortization of prior service costs |
( |
) | ( |
) | ( |
) | *1 | |||||||
Income before income taxes and equity in earnings of affiliated companies | ||||||||||||||
( |
) | ( |
) | ( |
) | Provision for income taxes | ||||||||
Net income | ||||||||||||||
Total reclassifications, net of tax |
( |
) | ( |
) | ||||||||||
*1: |
Reclassifications of pension liability adjustments are affected under C ost and expenses for the year ended March 31, 2018 and Other income (loss), net for the years ended March 31, 2019 and 2020, respectively, in the consolidated statements of income. |
Yen |
Yen in millions |
|||||||||||||||
Number of shares |
Weighted- average exercise price |
Weighted- average remaining contractual life in years |
Aggregate intrinsic value |
|||||||||||||
Options outstanding at March 31, 2017 |
||||||||||||||||
Granted |
||||||||||||||||
Exercised |
( |
) | ||||||||||||||
Canceled |
( |
) | ||||||||||||||
Options outstanding at March 31, 2018 |
||||||||||||||||
Granted |
||||||||||||||||
Exercised |
( |
) | ||||||||||||||
Canceled |
( |
) | ||||||||||||||
Options outstanding at March 31, 2019 |
||||||||||||||||
Granted |
||||||||||||||||
Exercised |
||||||||||||||||
Canceled |
||||||||||||||||
Options outstanding at March 31, 2020 |
||||||||||||||||
Options exercisable at March 31, 2018 |
||||||||||||||||
Options exercisable at March 31, 2019 |
||||||||||||||||
Options exercisable at March 31, 2020 |
— |
Yen in millions |
||||||||||||||||
March 31, |
||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||
2019 |
2019 |
|||||||||||||||
Change in benefit obligation |
||||||||||||||||
Benefit obligation at beginning of year |
||||||||||||||||
Service cost |
||||||||||||||||
Interest cost |
||||||||||||||||
Plan participants’ contributions |
||||||||||||||||
Plan amendments |
( |
) | ( |
) | ||||||||||||
Net actuarial (gain) loss |
( |
) | ( |
) | ||||||||||||
Acquisition and other |
( |
) | ( |
) | ( |
) | ||||||||||
Benefits paid |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Benefit obligation at end of year |
||||||||||||||||
Change in plan assets |
||||||||||||||||
Fair value of plan assets at beginning of year |
||||||||||||||||
Actual return on plan assets |
( |
) | ||||||||||||||
Acquisition and other |
( |
) | ( |
) | ( |
) | ||||||||||
Employer contributions |
||||||||||||||||
Plan participants’ contributions |
||||||||||||||||
Benefits paid |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Fair value of plan assets at end of year |
||||||||||||||||
Funded status |
||||||||||||||||
Yen in millions |
||||||||||||||||
March 31, |
||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||
2019 |
2019 |
|||||||||||||||
Accrued expenses (Accrued pension and severance costs) |
||||||||||||||||
Accrued pension and severance costs |
||||||||||||||||
Investments and other assets - Other (Prepaid pension and severance costs) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net amount recognized |
||||||||||||||||
Yen in millions |
||||||||||||||||
March 31, |
||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||
2019 |
2019 |
|||||||||||||||
Net actuarial loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Prior service costs |
( |
) | ( |
) | ||||||||||||
Net transition obligation |
||||||||||||||||
Net amount recognized |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Yen in millions |
||||||||||||||||
March 31, |
||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||
2019 |
2019 |
2020 |
||||||||||||||
Projected benefit obligation |
||||||||||||||||
Fair value of plan assets |
Yen in millions |
||||||||||||||||
March 31, |
||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||
2019 |
2020 |
2019 |
2020 |
|||||||||||||
Accumulated benefit obligation |
||||||||||||||||
Fair value of plan assets |
Yen in millions |
||||||||||||||||||||||||
For the years ended March 31, |
||||||||||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||||||||||
2018 |
2019 |
2018 |
2019 |
|||||||||||||||||||||
Service cost |
||||||||||||||||||||||||
Interest cost |
||||||||||||||||||||||||
Expected return on plan assets |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Amortization of prior service costs |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Recognized net actuarial loss |
||||||||||||||||||||||||
Amortization of net transition obligation |
||||||||||||||||||||||||
Net periodic pension cost |
||||||||||||||||||||||||
Yen in millions |
||||||||||||||||||||||||
For the years ended March 31, |
||||||||||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||||||||||
2018 |
2019 |
2018 |
2019 |
|||||||||||||||||||||
Net actuarial gain (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Recognized net actuarial loss |
||||||||||||||||||||||||
Prior service costs |
( |
) | ( |
) | ||||||||||||||||||||
Amortization of prior service costs |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Amortization of net transition obligation |
||||||||||||||||||||||||
Other |
( |
) | ( |
) | ||||||||||||||||||||
Total recognized in other comprehensive income (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
March 31, |
||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||
2019 |
2020 |
2019 |
2020 |
|||||||||||||
Discount rate |
% | % | % | % | ||||||||||||
Rate of compensation increase |
% | % | % | % |
For the years ended March 31, |
||||||||||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||||||||||
2018 |
2019 |
2020 |
2018 |
2019 |
2020 |
|||||||||||||||||||
Discount rate |
% | % | % | % | % | % | ||||||||||||||||||
Expected return on plan assets |
% | % | % | % | % | % | ||||||||||||||||||
Rate of compensation increase |
% | % | % | % | % | % |
Yen in millions |
||||||||||||||||
March 31, 2019 |
||||||||||||||||
Level 1 |
Level 2 |
|
Total |
|||||||||||||
Equity securities |
||||||||||||||||
Common stocks |
|
— |
— |
|
||||||||||||
Commingled funds |
— |
|
— |
|
||||||||||||
|
|
— |
|
|||||||||||||
Debt securities |
||||||||||||||||
Government bonds |
|
— |
— |
|
||||||||||||
Commingled funds |
— |
|
— |
|
||||||||||||
Other |
— |
|
— |
|
||||||||||||
|
|
— |
|
|||||||||||||
Insurance contracts |
— |
|
— |
|
||||||||||||
Other |
|
|
|
|
||||||||||||
Investments measured at net asset value |
— |
— |
— |
|
||||||||||||
Total |
|
|
|
|
||||||||||||
Yen in millions |
||||||||||||||||
March 31, 2020 |
||||||||||||||||
|
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Equity securities |
||||||||||||||||
Common stocks |
|
— |
— |
|
||||||||||||
Commingled funds |
— |
|
— |
|
||||||||||||
|
|
— |
|
|||||||||||||
Debt securities |
||||||||||||||||
Government bonds |
|
— |
— |
|
||||||||||||
Commingled funds |
— |
|
— |
|
||||||||||||
Other |
— |
|
— |
|
||||||||||||
|
|
— |
|
|||||||||||||
Insurance contracts |
— |
|
— |
|
||||||||||||
Other |
|
|
|
|
||||||||||||
Investments measured at net asset value |
— |
— |
— |
|
||||||||||||
Total |
|
|
|
|
||||||||||||
Yen in millions |
||||||||||||||||
March 31, 2019 |
||||||||||||||||
Level 1 |
Level 2 |
|
Total |
|||||||||||||
Equity securities |
||||||||||||||||
Common stocks |
|
— |
— |
|
||||||||||||
Commingled funds |
— |
|
— |
|
||||||||||||
|
|
— |
|
|||||||||||||
Debt securities |
||||||||||||||||
Government bonds |
|
— |
— |
|
||||||||||||
Commingled funds |
— |
— |
— |
— |
||||||||||||
Other |
— |
|
— |
|
||||||||||||
|
|
— |
|
|||||||||||||
Insurance contracts |
— |
— |
— |
— |
||||||||||||
Other |
|
|
|
|
||||||||||||
Investments measured at net asset value |
— |
— |
— |
|
||||||||||||
Total |
|
|
|
|
||||||||||||
Yen in millions |
||||||||||||||||
March 31, 2020 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
|
|||||||||||||
Equity securities |
||||||||||||||||
Common stocks |
|
— |
— |
|
||||||||||||
Commingled funds |
— |
|
— |
|
||||||||||||
|
|
— |
|
|||||||||||||
Debt securities |
||||||||||||||||
Government bonds |
|
— |
— |
|
||||||||||||
Commingled funds |
— |
— |
— |
— |
||||||||||||
Other |
— |
|
— |
|
||||||||||||
|
|
— |
|
|||||||||||||
Insurance contracts |
— |
— |
— |
— |
||||||||||||
Other |
|
|
|
|
||||||||||||
Investments measured at net asset value |
— |
— |
— |
|
||||||||||||
Total |
|
|
|
|
||||||||||||
Yen in millions |
||||||||||||||||||||||||||||||||||||
For the years ended March 31, |
||||||||||||||||||||||||||||||||||||
2018 |
2019 |
2020 |
||||||||||||||||||||||||||||||||||
Debt securities |
Other |
Total |
Debt securities |
Other |
Total |
Debt securities |
Other |
|
||||||||||||||||||||||||||||
Balance at beginning of year |
|
|
|
|
— |
|
— |
|
|
|||||||||||||||||||||||||||
Actual return on plan assets |
— |
( |
) | ( |
) | — |
( |
) | ( |
) | — |
( |
) | ( |
) | |||||||||||||||||||||
Purchases, sales and settlements |
( |
) | ( |
) | ( |
) | ( |
) | — |
( |
) | — |
— |
— |
||||||||||||||||||||||
Other |
— |
— |
— |
— |
|
|
— |
|
|
|||||||||||||||||||||||||||
Balance at end of year |
|
— |
|
— |
|
|
— |
|
|
|||||||||||||||||||||||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|
||||||||||
Other |
Other |
Other |
||||||||||
Balance at beginning of year |
|
|
|
|||||||||
Actual return on plan assets |
|
( |
) | |
||||||||
Purchases, sales and settlements |
— |
— |
— |
|||||||||
Other |
( |
) | |
( |
) | |||||||
Balance at end of year |
|
|
|
|||||||||
Yen in millions |
||||||||
Years ending March 31, |
Japanese plans |
Foreign plans |
||||||
2021 |
|
|
||||||
2022 |
|
|
||||||
2023 |
|
|
||||||
2024 |
|
|
||||||
2025 |
|
|
||||||
from 2026 to 2030 |
|
|
||||||
Total |
|
|
||||||
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
||||||||
Derivative assets |
||||||||
Derivative financial instruments designated as hedging instruments |
||||||||
Interest rate and currency swap agreements |
||||||||
Prepaid expenses and other current assets |
— |
|||||||
Investments and other assets - Other |
— |
|||||||
Total |
— |
|||||||
Undesignated derivative financial instruments |
||||||||
Interest rate and currency swap agreements |
||||||||
Prepaid expenses and other current assets |
||||||||
Investments and other assets - Other |
||||||||
Total |
||||||||
Foreign exchange forward and option contracts |
||||||||
Prepaid expenses and other current assets |
||||||||
Investments and other assets - Other |
— |
|||||||
Total |
||||||||
Total derivative assets |
||||||||
Counterparty netting |
( |
) | ( |
) | ||||
Collateral received |
( |
) | ( |
) | ||||
Carrying value of derivative assets |
||||||||
Derivative liabilities |
||||||||
Derivative financial instruments designated as hedging instruments |
||||||||
Interest rate and currency swap agreements |
||||||||
Other current liabilities |
— |
|||||||
Other long-term liabilities |
— |
|||||||
Total |
— |
|||||||
Undesignated derivative financial instruments |
||||||||
Interest rate and currency swap agreements |
||||||||
Other current liabilities |
( |
) | ( |
) | ||||
Other long-term liabilities |
( |
) | ( |
) | ||||
Total |
( |
) | ( |
) | ||||
Foreign exchange forward and option contracts |
||||||||
Other current liabilities |
( |
) | ( |
) | ||||
Other long-term liabilities |
— |
|||||||
Total |
( |
) | ( |
) | ||||
Total derivative liabilities |
( |
) | ( |
) | ||||
Counterparty netting |
||||||||
Collateral posted |
||||||||
Carrying value of derivative liabilities |
( |
) | ( |
) | ||||
Yen in millions |
||||||||||||||||
March 31, |
||||||||||||||||
2019 |
2020 |
|||||||||||||||
Designated derivative financial instruments |
Undesignated derivative financial instruments |
Designated derivative financial instruments |
Undesignated derivative financial instruments |
|||||||||||||
Interest rate and currency swap agreements |
— |
— |
||||||||||||||
Foreign exchange forward and option contracts |
— |
— |
||||||||||||||
Total |
— |
— |
||||||||||||||
Yen in millions |
||||||||||||||||||||||||
For the years ended March 31, |
||||||||||||||||||||||||
2018 |
2019 |
2020 |
||||||||||||||||||||||
Gains or (losses) on derivative financial instruments |
Gains or (losses) on hedged items |
Gains or (losses) on derivative financial instruments |
Gains or (losses) on hedged items |
Gains or (losses) on derivative financial instruments |
Gains or (losses) on hedged items |
|||||||||||||||||||
Derivative financial instruments designated as hedging instruments |
||||||||||||||||||||||||
Interest rate and currency swap agreements |
||||||||||||||||||||||||
Cost of financing operations |
( |
) | ( |
) | ||||||||||||||||||||
Undesignated derivative financial instruments |
||||||||||||||||||||||||
Interest rate and currency swap agreements |
||||||||||||||||||||||||
Cost of financing operations |
( |
) | ||||||||||||||||||||||
Foreign exchange gain (loss), net |
||||||||||||||||||||||||
Foreign exchange forward and option contracts |
||||||||||||||||||||||||
Cost of financing operations |
||||||||||||||||||||||||
Foreign exchange gain (loss), net |
( |
) |
Yen in millions |
||||||||||||||||||||
March 31, 2019 |
||||||||||||||||||||
Estimated fair value |
||||||||||||||||||||
Carrying amount |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||||||
Assets (Liabilities) |
||||||||||||||||||||
Cash and cash equivalents |
— |
|||||||||||||||||||
Time deposits |
— |
— |
||||||||||||||||||
Total finance receivables, net |
— |
— |
||||||||||||||||||
Other receivables |
— |
— |
||||||||||||||||||
Short-term borrowings |
( |
) | — |
( |
) | ( |
) | ( |
) | |||||||||||
Long-term debt including the current portion |
( |
) | — |
( |
) | ( |
) | ( |
) |
Yen in millions |
||||||||||||||||||||
March 31, 2020 |
||||||||||||||||||||
Estimated fair value |
||||||||||||||||||||
Carrying amount |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||||||
Assets (Liabilities) |
||||||||||||||||||||
Cash and cash equivalents |
|
|
|
— |
|
|||||||||||||||
Time deposits |
|
— |
|
— |
|
|||||||||||||||
Total finance receivables, net |
|
— |
— |
|
|
|||||||||||||||
Other receivables |
|
— |
— |
|
|
|||||||||||||||
Short-term borrowings |
( |
) | — |
( |
) | ( |
) | ( |
) | |||||||||||
Long-term debt including the current portion |
( |
) | — |
( |
) | ( |
) | ( |
) |
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
2020 |
|||||||
Class of property |
||||||||
Building |
|
|
||||||
Machinery and equipment |
|
|
||||||
Less - Accumulated depreciation |
( |
) |
( |
) | ||||
|
|
|||||||
Years ending March 31, |
Yen in millions |
|||
2020 |
|
|||
2021 |
|
|||
2022 |
|
|||
2023 |
|
|||
2024 |
|
|||
Thereafter |
|
|||
Total minimum future rentals |
|
|||
Yen in millions |
||||
March 31, 2020 |
||||
Lease payment |
||||
Finance lease expense |
||||
Amortization of right-of-use asset |
|
|||
Interest on lease liabilities |
|
|||
Operating lease expense |
|
|||
Short term lease expense |
|
|||
|
||||
Yen in millions |
||||
March 2020 |
||||
Other supplementary information |
||||
Cash paid for amounts included in the measurement of finance lease liabilities |
||||
Cash flow from operating activities |
|
|||
Cash flow from financing activities |
|
|||
Cash paid for amounts included in the measurement of operating lease liabilities |
||||
Cash flow from operating activities |
|
|||
Right of use assets obtained in exchange for lease liabilities |
||||
Finance lease |
|
|||
Operating lease |
|
|||
Weighted average remaining lease term (years) |
||||
Finance lease |
|
|||
Operating lease |
|
|||
Weighted average discount rate |
||||
Finance lease |
|
% | ||
Operating lease |
|
% | ||
|
Yen in millions |
|||||||
Years ending March 31, |
Finance lease |
Operating lease |
||||||
2021 |
|
|
||||||
2022 |
|
|
||||||
2023 |
|
|
||||||
2024 |
|
|
||||||
2025 |
|
|
||||||
Thereafter |
|
|
||||||
Total minimum lease payments |
|
|
||||||
Less - Amount representing interest |
( |
) |
( |
) | ||||
Present value of net minimum lease payments |
|
|
||||||
|
|
|
|
|
|
|
|
|
Current liability |
|
|
||||||
Noncurrent liability |
|
|
||||||
Total minimum lease present value |
|
|
|
|
|
|
|
|
Yen in millions |
||||||||||||||||||||
Automotive |
Financial Services |
All Other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||
Net revenues |
||||||||||||||||||||
Sales to external customers |
|
|
|
— |
|
|||||||||||||||
Inter-segment sales and transfers |
|
|
|
( |
) |
— |
||||||||||||||
Total |
|
|
|
( |
) | |
||||||||||||||
Operating expenses |
|
|
|
( |
) | |
||||||||||||||
Operating income |
|
|
|
|
|
|||||||||||||||
Assets |
|
|
|
|
|
|||||||||||||||
Investment in equity method investees |
|
|
— |
|
|
|||||||||||||||
Depreciation expenses |
|
|
|
— |
|
|||||||||||||||
Capital expenditure |
|
|
|
( |
) | |
Yen in millions |
||||||||||||||||||||
Automotive |
Financial Services |
All Other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||
Net revenues |
||||||||||||||||||||
Sales to external customers |
|
|
|
— |
|
|||||||||||||||
Inter-segment sales and transfers |
|
|
|
( |
) | — |
||||||||||||||
Total |
|
|
|
( |
) | |
||||||||||||||
Operating expenses |
|
|
|
( |
) | |
||||||||||||||
Operating income |
|
|
|
|
|
|||||||||||||||
Assets |
|
|
|
|
|
|||||||||||||||
Investment in equity method investees |
|
|
— |
|
|
|||||||||||||||
Depreciation expenses |
|
|
|
— |
|
|||||||||||||||
Capital expenditure |
|
|
|
( |
) | |
Yen in millions |
||||||||||||||||||||
Automotive |
Financial |
All Other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||
Net revenues |
||||||||||||||||||||
Sales to external customers |
|
|
|
— |
|
|||||||||||||||
Inter-segment sales and transfers |
|
|
|
( |
) | — |
||||||||||||||
Total |
|
|
|
( |
) | |
||||||||||||||
Operating expenses |
|
|
|
( |
) | |
||||||||||||||
Operating income |
|
|
|
|
|
|||||||||||||||
Assets |
|
|
|
|
|
|||||||||||||||
Investment in equity method investees |
|
|
|
|
|
|||||||||||||||
Depreciation expenses |
|
|
|
— |
|
|||||||||||||||
Capital expenditure |
|
|
|
|
|
Yen in millions |
||||||||||||||||||||||||||||
Japan |
North America |
Europe |
|
|
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||||||||
Net revenues |
||||||||||||||||||||||||||||
Sales to external customers |
|
|
|
|
|
— |
|
|||||||||||||||||||||
Inter-segment sales and transfers |
|
|
|
|
|
( |
) | — |
||||||||||||||||||||
Total |
|
|
|
|
|
( |
) | |
||||||||||||||||||||
Operating expenses |
|
|
|
|
|
( |
) | |
||||||||||||||||||||
Operating income |
|
|
|
|
|
( |
) |
|
||||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|||||||||||||||||||||
Long-lived assets |
|
|
|
|
|
— |
|
Yen in millions |
||||||||||||||||||||||||||||
Japan |
North America |
Europe |
Asia |
Other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||||||||
Net revenues |
||||||||||||||||||||||||||||
Sales to external customers |
|
|
|
|
|
— |
|
|||||||||||||||||||||
Inter-segment sales and transfers |
|
|
|
|
|
( |
) | — |
||||||||||||||||||||
Total |
|
|
|
|
|
( |
) | |
||||||||||||||||||||
Operating expenses |
|
|
|
|
|
( |
) | |
||||||||||||||||||||
Operating income |
|
|
|
|
|
( |
) | |
||||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|||||||||||||||||||||
Long-lived assets |
|
|
|
|
|
— |
|
Yen in millions |
||||||||||||||||||||||||||||
|
Japan |
North America |
Europe |
Asia |
Other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
|||||||||||||||||||||
Net revenues |
||||||||||||||||||||||||||||
Sales to external customers |
|
|
|
|
|
— |
|
|||||||||||||||||||||
Inter-segment sales and transfers |
|
|
|
|
|
( |
) | — |
||||||||||||||||||||
Total |
|
|
|
|
|
( |
) | |
||||||||||||||||||||
Operating expenses |
|
|
|
|
|
( |
) | |
||||||||||||||||||||
Operating income |
|
|
|
|
|
( |
) | |
||||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|||||||||||||||||||||
Long-lived assets |
|
|
|
|
|
— |
|
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
|
||||||||||
North America |
|
|
|
|||||||||
Europe |
|
|
|
|||||||||
Asia |
|
|
|
|||||||||
Other |
|
|
|
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
|
|||||||
Assets |
||||||||
Non-Financial Services Businesses |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
|
|
||||||
Marketable securities |
|
|
||||||
Trade accounts and notes receivable, less allowance for doubtful accounts |
|
|
||||||
Inventories |
|
|
||||||
Prepaid expenses and other current assets |
|
|
||||||
Total current assets |
|
|
||||||
Investments and other assets |
|
|
||||||
Property, plant and equipment |
|
|
||||||
Total Non-Financial Services Businesses assets |
|
|
||||||
Financial Services Business |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
|
|
||||||
Marketable securities |
|
|
||||||
Finance receivables, net |
|
|
||||||
Prepaid expenses and other current assets |
|
|
||||||
Total current assets |
|
|
||||||
Noncurrent finance receivables, net |
|
|
||||||
Investments and other assets |
|
|
||||||
Property, plant and equipment |
|
|
||||||
Total Financial Services Business assets |
|
|
||||||
Eliminations |
( |
) | ( |
) | ||||
Total assets |
|
|
||||||
Yen in millions |
||||||||
March 31, |
||||||||
2019 |
|
|||||||
Liabilities |
||||||||
Non-Financial Services Businesses |
||||||||
Current liabilities |
||||||||
Short-term borrowings |
|
|
||||||
Current portion of long-term debt |
|
|
||||||
Accounts payable |
|
|
||||||
Accrued expenses |
|
|
||||||
Income taxes payable |
|
|
||||||
Other current liabilities |
|
|
||||||
Total current liabilities |
|
|
||||||
Long-term liabilities |
||||||||
Long-term debt |
|
|
||||||
Accrued pension and severance costs |
|
|
||||||
Other long-term liabilities |
|
|
||||||
Total long-term liabilities |
|
|
||||||
Total Non-Financial Services Businesses liabilities |
|
|
||||||
Financial Services Business |
||||||||
Current liabilities |
||||||||
Short-term borrowings |
|
|
||||||
Current portion of long-term debt |
|
|
||||||
Accounts payable |
|
|
||||||
Accrued expenses |
|
|
||||||
Income taxes payable |
|
|
||||||
Other current liabilities |
|
|
||||||
Total current liabilities |
|
|
||||||
Long-term liabilities |
||||||||
Long-term debt |
|
|
||||||
Accrued pension and severance costs |
|
|
||||||
Other long-term liabilities |
|
|
||||||
Total long-term liabilities |
|
|
||||||
Total Financial Services Business liabilities |
|
|
||||||
Eliminations |
( |
) | ( |
) | ||||
Total liabilities |
|
|
||||||
Mezzanine equity |
|
|
||||||
Total Toyota Motor Corporation shareholders’ equity |
|
|
||||||
Noncontrolling interests |
|
|
||||||
Total shareholders’ equity |
|
|
||||||
Total liabilities, mezzanine equity and shareholders’ equity |
|
|
||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2018 |
2019 |
2020 |
||||||||||
Non-Financial Services Businesses |
||||||||||||
Net revenues |
|
|
|
|||||||||
Costs and expenses |
||||||||||||
Cost of revenues |
|
|
|
|||||||||
Selling, general and administrative |
|
|
|
|||||||||
Total costs and expenses |
|
|
|
|||||||||
Operating income |
|
|
|
|||||||||
Other income (expense), net |
|
( |
) | |
||||||||
Income before income taxes and equity in earnings of affiliated companies |
|
|
|
|||||||||
Provision for income taxes |
|
|
|
|||||||||
Equity in earnings of affiliated companies |
|
|
|
|||||||||
Net income |
|
|
|
|||||||||
Less - Net income attributable to noncontrolling interests |
( |
) | ( |
) | ( |
) | ||||||
Net income attributable to Toyota Motor Corporation - Non-Financial Services Businesses |
|
|
|
|||||||||
Financial Services Business |
||||||||||||
Net revenues |
|
|
|
|||||||||
Costs and expenses |
||||||||||||
Cost of revenues |
|
|
|
|||||||||
Selling, general and administrative |
|
|
|
|||||||||
Total costs and expenses |
|
|
|
|||||||||
Operating income |
|
|
|
|||||||||
Other income (expense), net |
( |
) | ( |
) | ( |
) | ||||||
Income before income taxes and equity in earnings of affiliated companies |
|
|
|
|||||||||
Provision for income taxes |
( |
) | |
|
||||||||
Equity in earnings of affiliated companies |
|
|
|
|||||||||
Net income |
|
|
|
|||||||||
Less - Net income attributable to noncontrolling interests |
( |
) | ( |
) | |
|||||||
Net income attributable to Toyota Motor Corporation - Financial Services Business |
|
|
|
|||||||||
Eliminations |
( |
) | |
|
||||||||
Net income attributable to Toyota Motor Corporation |
|
|
|
|||||||||
Yen in millions |
Yen in millions |
|||||||||||||||||||||||
For the year ended March 31, 2018 |
For the year ended March 31, 2019 |
|||||||||||||||||||||||
Non-Financial Services Businesses |
Financial Services Business |
Consolidated |
Non-Financial Services Businesses |
Financial Services Business |
Consolidated |
|||||||||||||||||||
Cash flows from operating activities |
||||||||||||||||||||||||
Net income |
|
|
|
|
|
|
||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities |
||||||||||||||||||||||||
Depreciation |
|
|
|
|
|
|
||||||||||||||||||
Provision (reversal) for doubtful accounts and credit losses |
( |
) | |
|
( |
) | |
|
||||||||||||||||
Pension and severance costs, less payments |
|
( |
) | |
|
|
|
|||||||||||||||||
Losses on disposal of fixed assets |
|
|
|
|
|
|
||||||||||||||||||
Unrealized losses (gains) on |
|
|
|
|
|
|
||||||||||||||||||
Deferred income taxes |
|
( |
) | ( |
) | ( |
) | |
( |
) | ||||||||||||||
Equity in earnings of affiliated companies |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Changes in operating assets and liabilities, and other |
|
|
|
( |
) | |
( |
) | ||||||||||||||||
Net cash provided by operating activities |
|
|
|
|
|
|
||||||||||||||||||
Cash flows from investing activities |
||||||||||||||||||||||||
Additions to finance receivables |
— |
( |
) | ( |
) | — |
( |
) | ( |
) | ||||||||||||||
Collection of and proceeds from sales of finance receivables |
— |
|
|
— |
|
|
||||||||||||||||||
Additions to fixed assets excluding equipment leased to others |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Additions to equipment leased to others |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Proceeds from sales of fixed assets excluding equipment leased to others |
|
|
|
|
|
|
||||||||||||||||||
Proceeds from sales of equipment leased to others |
|
|
|
|
|
|
||||||||||||||||||
Purchases of marketable securities and security investments |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Proceeds from sales of and maturity of marketable securities and security investments |
|
|
|
|
|
|
||||||||||||||||||
Payment for additional investments in affiliated companies, net of cash acquired |
( |
) |
— |
( |
) |
|
— |
|
||||||||||||||||
Changes in investments and other assets, and other |
|
( |
) | |
( |
) | ( |
) | ( |
) | ||||||||||||||
Net cash used in investing activities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Cash flows from financing activities |
||||||||||||||||||||||||
Proceeds from issuance of long-term debt |
|
|
|
|
|
|
||||||||||||||||||
Payments of long-term debt |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Increase (decrease) in short-term borrowings |
( |
) | |
|
|
|
|
|||||||||||||||||
Dividends paid to Toyota Motor Corporation class shareholders |
( |
) | — |
( |
) | ( |
) | — |
( |
) | ||||||||||||||
Dividends paid to Toyota Motor Corporation common shareholders |
( |
) | — |
( |
) | ( |
) | — |
( |
) | ||||||||||||||
Dividends paid to noncontrolling interests |
( |
) | — |
( |
) | ( |
) | — |
( |
) | ||||||||||||||
Reissuance (repurchase) of treasury stock |
( |
) | — |
( |
) | ( |
) | — |
( |
) | ||||||||||||||
Net cash provided by (used in) financing activities |
( |
) | |
( |
) | ( |
) | |
( |
) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents |
( |
) | ( |
) | ( |
) | ( |
) | |
( |
) | |||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents |
|
( |
) | |
|
|
|
|||||||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year |
|
|
|
|
|
|
||||||||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents at end of year |
|
|
|
|
|
|
||||||||||||||||||
Yen in millions |
||||||||||||
For the year ended March 31, 2020 |
||||||||||||
Non-Financial Services Businesses |
Financial Services Business |
Consolidated |
||||||||||
Cash flows from operating activities |
||||||||||||
Net income |
|
|
|
|||||||||
Adjustments to reconcile net income to net cash provided by operating activities |
||||||||||||
Depreciation |
|
|
|
|||||||||
Provision (reversal) for doubtful accounts and credit losses |
|
|
|
|||||||||
Pension and severance costs, less payments |
|
|
|
|||||||||
Losses on disposal of fixed assets |
|
|
|
|||||||||
Unrealized losses (gains) on securities |
|
( |
) | |
||||||||
Deferred income taxes |
|
( |
) | |
||||||||
Equity in earnings of affiliated companies |
( |
) | ( |
) | ( |
) | ||||||
Changes in operating assets and liabilities, and other |
( |
) | ( |
) | ( |
) | ||||||
Net cash provided by operating activities |
|
|
|
|||||||||
Cash flows from investing activities |
||||||||||||
Additions to finance receivables |
— |
( |
) | ( |
) | |||||||
Collection of and proceeds from sales of finance receivables |
— |
|
|
|||||||||
Additions to fixed assets excluding equipment leased to others |
( |
) | ( |
) | ( |
) | ||||||
Additions to equipment leased to others |
( |
) | ( |
) | ( |
) | ||||||
Proceeds from sales of fixed assets excluding equipment leased to others |
|
|
|
|||||||||
Proceeds from sales of equipment leased to others |
|
|
|
|||||||||
Purchases of marketable securities and security investments |
( |
) | ( |
) | ( |
) | ||||||
Proceeds from sales of and maturity of marketable securities and security investments |
|
|
|
|||||||||
Payment for additional investments in affiliated companies, net of cash acquired |
— |
( |
) |
( |
) | |||||||
Changes in investments and other assets, and other |
( |
) | ( |
) | |
|||||||
Net cash used in investing activities |
( |
) | ( |
) | ( |
) | ||||||
Cash flows from financing activities |
||||||||||||
Proceeds from issuance of long-term debt |
|
|
|
|||||||||
Payments of long-term debt |
( |
) | ( |
) | ( |
) | ||||||
Increase (decrease) in short-term borrowings |
|
|
|
|||||||||
Dividends paid to Toyota Motor Corporation class shareholders |
( |
) | — |
( |
) | |||||||
Dividends paid to Toyota Motor Corporation common shareholders |
( |
) | — |
( |
) | |||||||
Dividends paid to noncontrolling interests |
( |
) | — |
( |
) | |||||||
Reissuance (repurchase) of treasury stock |
( |
) | — |
( |
) | |||||||
Net cash provided by (used in) financing activities |
( |
) | |
|
||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents |
( |
) | ( |
) | ( |
) | ||||||
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents |
( |
) | |
|
||||||||
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year |
|
|
|
|||||||||
Cash and cash equivalents and restricted cash and cash equivalents at end of year |
|
|
|
|||||||||
Yen in millions |
||||||||
For the year ended March 31, 20 19 |
|
|
|
For the year ended March 31, 20 20 |
||||
Sales of products |
|
|
|
|
|
|||
Automotive |
||||||||
Vehicles |
|
|
|
|
|
|||
Parts and components for overseas production |
|
|
|
|
|
|||
Parts and components for after service |
|
|
|
|
|
|||
Other |
|
|
|
|
|
|||
|
|
|
|
|||||
Total automotive |
|
|
|
|
|
|||
All other |
|
|
|
|
|
|||
|
|
|
|
|||||
Total sales of products |
|
|
|
|
|
|||
Financial services |
|
|
|
|
|
|||
|
|
|
|
|||||
Total net revenues |
|
|
|
|
|
|||
|
|
|
|
Yen in millions |
||||||||
For the year ended March 31, 2019 |
For the year ended March 31, 2020 |
|||||||
Finance leases |
||||||||
Financial income related to net lease investment |
|
|
||||||
Operating leases |
|
|
||||||
Total |
|
|
||||||
Yen in millions |
||||||||
March 3 1, 2019 |
March 31, 2020 |
|||||||
Contract liabilities |
|
|
|
Yen in millions |
Thousands of shares |
Yen |
|||||||||
|
Net income attributable to Toyota Motor Corporation |
Weighted- average common shares |
Net income attributable to Toyota Motor Corporation per common share |
|||||||||
For the year ended March 31, 2018 |
||||||||||||
Net income attributable to Toyota Motor Corporation |
|
|||||||||||
Accretion to Mezzanine equity |
( |
) | ||||||||||
Dividends to Toyota Motor Corporation Model AA Class Shareholders |
( |
) | ||||||||||
Basic net income attributable to Toyota Motor Corporation |
|
|
|
|||||||||
Effect of dilutive securities |
||||||||||||
Model AA Class Shares |
|
|
||||||||||
Assumed exercise of dilutive stock options |
( |
) | |
|||||||||
Diluted net income attributable to Toyota Motor Corporation per common share |
|
|
|
|||||||||
For the year ended March 31, 2019 |
||||||||||||
Net income attributable to Toyota Motor Corporation |
|
|||||||||||
Accretion to Mezzanine equity |
( |
) | ||||||||||
Dividends to Toyota Motor Corporation Model AA Class Shareholders |
( |
) | ||||||||||
Basic net income attributable to Toyota Motor Corporation per common share |
|
|
|
|||||||||
Effect of dilutive securities |
||||||||||||
Model AA Class Shares |
|
|
||||||||||
Assumed exercise of dilutive stock options |
( |
) | |
|||||||||
Diluted net income attributable to Toyota Motor Corporation per common share |
|
|
|
|||||||||
For the year ended March 31, 2020 |
||||||||||||
Net income attributable to Toyota Motor Corporation |
|
|||||||||||
Accretion to Mezzanine equity |
( |
) | ||||||||||
Dividends to Toyota Motor Corporation Model AA Class Shareholders |
( |
) | ||||||||||
Basic net income attributable to Toyota Motor Corporation per common share |
|
|
|
|||||||||
Effect of dilutive securities |
||||||||||||
Model AA Class Shares |
|
|
||||||||||
Assumed exercise of dilutive stock options |
— |
— |
||||||||||
Diluted net income attributable to Toyota Motor Corporation |
|
|
|
|||||||||
Yen in millions |
Thousands of shares |
Yen |
||||||||||
Toyota Motor Corporation shareholders’ equity |
Common shares issued and outstanding at the end of the year (excluding treasury stock) |
Toyota Motor Corporation shareholders’ equity per share |
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As of March 31, 2019 |
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As of March 31, 2020 |
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Level 1: |
Quoted prices in active markets for identical assets or liabilities | |
Level 2: |
Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; valuation of assets or liabilities using inputs, other than quoted prices, that are observable | |
Level 3: |
Valuation of assets or liabilities using unobservable inputs which reflect the reporting entity’s assumptions |
Yen in millions |
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March 31, 2019 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets |
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Cash equivalents |
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— |
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Time deposits |
— |
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— |
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Marketable securities and other securities investments |
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Public and corporate bonds |
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Common stocks |
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— |
— |
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Other |
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— |
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Investments measured at net asset value |
— |
— |
— |
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Derivative financial instruments |
— |
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Total |
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Liabilities |
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Derivative financial instruments |
— |
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( |
) | ||||||||||
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— |
( |
) | — |
( |
) | ||||||||||
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March 31, 2020 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets |
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Cash equivalents |
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— |
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Time deposits |
— |
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— |
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Marketable securities and other securities investments |
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Public and corporate bonds |
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Common stocks |
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— |
— |
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Other |
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— |
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Investments measured at net asset value |
— |
— |
— |
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||||||||||||
Derivative financial instruments |
— |
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— |
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Total |
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Liabilities |
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Derivative financial instruments |
— |
( |
) |
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( |
) | ||||||||||
Total |
— |
( |
) |
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( |
) | ||||||||||
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Yen in millions |
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For the year ended March 31, 2018 |
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Marketable securities and other securities investments |
Derivative financial instruments |
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Balance at beginning of year |
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( |
) | |
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Total gains (losses) |
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Included in income (loss) |
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Included in other comprehensive income (loss) |
( |
) | — |
( |
) | |||||||
Purchases and issuances |
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— |
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Settlements |
( |
) | |
( |
) | |||||||
Other |
( |
) | |
( |
) | |||||||
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Balance at end of year |
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( |
) | |
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Yen in millions |
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For the year ended March 31, 2019 |
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Marketable securities and other securities investments |
Derivative financial instruments |
Total |
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Balance at beginning of year |
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( |
) | |
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Total gains (losses) |
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Included in income (loss) |
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Included in other comprehensive income (loss) |
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— |
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Purchases and issuances |
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— |
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Settlements |
( |
) | ( |
) | ( |
) | ||||||
Other |
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( |
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Balance at end of year |
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Yen in millions |
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For the year ended March 31, 2020 |
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Marketable securities and other securities investments |
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Balance at beginning of year |
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Total gains (losses) |
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( |
) | — |
( |
) | |||||||
Included in other comprehensive income (loss) |
( |
) | — |
( |
) | |||||||
Purchases and issuances |
|
— |
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Settlements |
( |
) | ( |
) | ( |
) | ||||||
Other |
( |
) | — |
( |
) | |||||||
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Balance at end of year |
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— |
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15.1 |
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101.INS |
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||
101.SCH |
Inline XBRL Taxonomy Extension Schema Document | |||
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||
101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document | |||
101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document | |||
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||
104 |
The cover page for the Company’s Annual Report on From 20-F for the year ended March 31, 20 20 , has been formatted in Inline XBRL |
TOYOTA MOTOR CORPORATION | ||
By: |
/s/ Kenta Kon | |
Name: |
Kenta Kon | |
Title: |
Operating Officer |
Exhibit 1.1
ARTICLES OF INCORPORATION OF TOYOTA MOTOR CORPORATION
(As amended on June 11, 2020)
CHAPTER I. GENERAL PROVISIONS
Article 1. (Trade Name)
The name of the Corporation shall be Toyota Jidosha Kabushiki Kaisha to be expressed in English as TOYOTA MOTOR CORPORATION.
Article 2. (Purpose)
The purpose of the Corporation shall be to engage in the following businesses:
(1) | the manufacture, sale, leasing and repair of motor vehicles, industrial vehicles, ships, aircraft, other transportation machinery and apparatus, spacecraft and space machinery and apparatus, and parts thereof; |
(2) | the manufacture, sale, leasing and repair of industrial machinery and apparatus and other general machinery and apparatus, and parts thereof; |
(3) | the manufacture, sale, leasing and repair of electrical machinery and apparatus, and parts thereof; |
(4) | the manufacture, sale, leasing and repair of measuring machinery and apparatus, and medical machinery and apparatus, and parts thereof; |
(5) | the manufacture and sale of ceramics and products of synthetic resins, and materials thereof; |
(6) | the manufacture, sale and repair of construction materials and equipment, furnishings and fixtures for residential buildings; |
(7) | the planning, designing, supervision, execution and undertaking of construction works, civil engineering works, land development, urban development and regional development; |
(8) | the sale, purchase, leasing, brokerage and management of real estate; |
(9) | the service of information processing, information communications and information supply, and the development, sale and leasing of software; |
(10) | the design and development of product sales systems that utilize networks such as the Internet; sale, leasing, maintenance of computers included within such systems, and sales of products by utilizing such systems; |
(11) | the inland transportation, marine transportation, air transportation, stevedoring, warehousing and tourism businesses; |
(12) | the printing, publishing, advertising and publicity, general leasing, security and workers dispatch businesses; |
(13) | the credit card operations, purchase and sale of securities, investment consulting, investment trust operation, and other financial services; |
(14) | the operation and management of such facilities as parking lots, showrooms, educational facilities, medical care facilities, sports facilities, marinas, airfields, food and drink stands and restaurants, lodging facilities, retail stores and others; |
(15) | the non-life insurance agency business and life insurance agency business; |
(16) | the production and processing by using biotechnology of agricultural products including trees, and the sale of such products; |
(17) | power generation and the supply and sale of electric power |
(18) | the sale of goods related to each of the preceding items and mineral oil; |
(19) | the conducting of engineering, consulting, invention and research relating to each of the preceding items and the utilization of such invention and research; and |
(20) | any businesses incidental to or related to any of the preceding items. |
Article 3. (Location of Principal Office)
The principal office of the Corporation shall be located in Toyota City, Aichi Prefecture, Japan.
Article 4. (Public Notices)
Public notices of the Corporation shall be given electronically; provided, however, that in the case that an electronic public notice is impracticable due to an accident or any other unavoidable reason, public notices of the Corporation shall be given in the newspaper The Nihon Keizai Shimbun.
CHAPTER II. SHARES
Article 5. (Total Number of Authorized Shares, etc.)
The total number of shares which the Corporation is authorized to issue shall be ten billion (10,000,000,000), and the total number of authorized shares in each class of class shares shall be as set forth below; provided, however, that the aggregate number of shares authorized to be issued with respect to First Series Model AA Class Shares through Fifth Series Model AA Class Shares shall not exceed one hundred fifty million (150,000,000).
Common Shares:
ten billion (10,000,000,000) shares
First Series Model AA Class Shares:
fifty million (50,000,000) shares
Second Series Model AA Class Shares:
fifty million (50,000,000) shares
Third Series Model AA Class Shares:
fifty million (50,000,000) shares
Fourth Series Model AA Class Shares:
fifty million (50,000,000) shares
Fifth Series Model AA Class Shares:
fifty million (50,000,000) shares
Article 6. (Number of Shares Constituting One Unit (tangen) and Rights to Shares
Constituting Less than One Unit (tangen))
1. The number of shares constituting one unit (tangen) of shares of the Corporation shall be one hundred (100) with respect to Common Shares and each class of Model AA Class Shares.
2. The shareholders of the Corporation are not entitled to exercise any rights to shares constituting less than one unit (tangen) of shares held by the shareholders, other than the following:
(1) the rights provided for in each Item of Article 189, Paragraph 2 of the Companies Act (Kaisha-hou); and
(2) the rights provided for in Article 166, Paragraph 1 of the Companies Act, in respect of the right provided for in Article 18 of the Articles of Incorporation.
Article 7. (Acquisition of Own Shares)
The Corporation may acquire its own shares by a resolution of the Board of Directors in accordance with the provisions of Article 165, Paragraph 2 of the Companies Act.
Article 8. (Absence of seller put options when the Corporation acquires Model AA Class Shares)
If the Corporation decides to acquire some or all of the Model AA Class Shares held by any holder of Model AA Class Shares (Model AA Class Shareholder) under an agreement with such Model AA Class Shareholder pursuant to a resolution of the general meeting of shareholders, and further decides to notify such Model AA Class Shareholder of matters prescribed in any item of Article 157, Paragraph 1 of the Companies Act, the provisions of Article 160, Paragraphs 2 and 3 of such act shall not apply.
Article 9. (Transfer Agent)
1. The Corporation shall have a transfer agent (Kabunushimeibo-Kanrinin).
2. The transfer agent and the location of its office shall be designated by a resolution of the Board of Directors, and public notice thereof shall be given.
The register of shareholders and the register of stock acquisition rights shall be kept at the office of the transfer agent. The entry or recording into the register of shareholders and the register of stock acquisition rights, the purchase of shares constituting less than one unit (tangen) and any other matters related to the shares and stock acquisition rights shall be handled by the transfer agent and not by the Corporation.
Article 10. (Share Handling Regulations)
The procedures for and fees for the entry or recording into the register of shareholders and the register of stock acquisition rights, purchasing shares constituting less than one unit (tangen) and any other matters relating to the handling of shares and stock acquisition rights shall be subject to the Share Handling Regulations established by the Board of Directors.
Article 11. (Record Date)
1. The Corporation shall deem any shareholder entered or recorded in the final register of shareholders as of March 31 in such year to be a shareholder entitled to exercise its rights at the ordinary general meeting of shareholders for that business year.
2. The preceding paragraph shall apply mutatis mutandis to class meetings, where the relevant class meeting is to be held on the same date as an ordinary general meeting of shareholders.
3. In addition to the case provided for in the preceding two (2) paragraphs, the Corporation may, after giving prior public notice, fix a date as the record date, where it deems it necessary to do so.
CHAPTER III. MODEL AA CLASS SHARES
Article 12. (AA Dividends)
1. In the event that the Corporation pays dividends from surplus as provided for in Article 46, Paragraph 1 of these Articles, it shall pay in cash year-end dividends from surplus in the amount specified below (AA Dividends) to Model AA Class Shareholders or registered pledgees of Model AA Class Shares (AA Registered Pledgees) entered or recorded in the final register of shareholders as of the record date for the dividends, in preference to holders of Common Shares (Common Shareholders) or registered pledgees of Common Shares (Common Share Registered Pledgees), respectively; provided that if AA Interim Dividends, as provided for in Article 13 of these Articles, have been paid during the fiscal year in which the record date falls, the amount of the AA Interim Dividends so paid shall be deducted from such AA Dividends.
First Series Model AA Class Shares through Fifth Series Model AA Class Shares:
An amount per Model AA Class Share calculated by multiplying the amount per relevant Model AA Class Share paid to the Corporation as consideration by a rate to be determined by the Board of Directors prior to the issuance of each Model AA Class Share (subject to a maximum of 5%).
2. If the amount of the dividends from surplus paid in cash to Model AA Class Shareholders or AA Registered Pledgees is less than the prescribed amount of AA Dividends in any fiscal year, the amount of the shortfall per Model AA Class Share (Cumulative Unpaid Dividends) shall be carried forward and accumulated in the following fiscal year and thereafter. With respect to the Cumulative Unpaid Dividends, dividends from surplus shall be paid in cash to Model AA Class Shareholders or AA Registered Pledgees until such payment reaches the amount of the Cumulative Unpaid Dividends per Model AA Class Share, in preference to the payment of dividends from surplus as provided in the preceding paragraph or Article 13 of these Articles.
3. No distribution of dividends from surplus shall be made to any Model AA Class Shareholder or AA Registered Pledgee in excess of the amount of AA Dividends, except for a distribution from surplus in the process of a corporate split (kyushu-bunkatsu) by the Corporation pursuant to Article 758, Item 8 (ii) or Article 760, Item 7 (ii) of the Companies Act, or a distribution from surplus in the process of a corporate split (shinsetsu-bunkatsu) by the Corporation pursuant to Article 763, Paragraph 1, Item 12 (ii) or Article 765 Paragraph 1, Item 8 (ii) of such act, in which case, the distribution from surplus shall be made to all Model AA Class Shareholders or AA Registered Pledgees simultaneously and in the same proportion as that made to any Common Shareholders or Common Share Registered Pledgees.
Article 13. (AA Interim Dividends)
In the event that the Corporation pays dividends from surplus as provided in Article 46, Paragraph 2 of these Articles, the Corporation shall pay an amount equivalent to one-half of the prescribed amount of AA Dividends in cash as interim dividends (AA Interim Dividends) per Model AA Class Share to Model AA Class Shareholders or AA Registered Pledgees entered or recorded in the final register of shareholders as of the record date with respect to such AA Interim Dividends, in preference to Common Shareholders or Common Share Registered Pledgees.
Article 14. (Distribution of residual assets)
1. In the event of a distribution by the Corporation of its residual assets, the Corporation shall pay the amount set forth below in cash to Model AA Class Shareholders or AA Registered Pledgees, in preference to Common Shareholders or Common Share Registered Pledgees, respectively.
First Series Model AA Class Shares through Fifth Series Model AA Class Shares:
An amount per Model AA Class Share determined by resolution of the board of directors or an amount calculated under a formula determined by resolution of the board of directors, in either case based on the amount per relevant Model AA Class Share paid to the Corporation as consideration (Base Price).
2. No distribution of residual assets shall be made to Model AA Class Shareholders or AA Registered Pledgees other than as provided in the preceding item.
Article 15. (Voting rights)
Model AA Class Shareholders shall have voting rights exercisable at general meetings of shareholders of the Corporation.
Article 16. (Consolidation of shares, stock split or gratis allotment of shares)
1. The Corporation shall effect any consolidation of shares or stock split simultaneously and in the same proportion with respect to Common Shares and Model AA Class Shares.
2. If the Corporation grants its shareholders rights to receive any allotment of shares offered for subscription or stock acquisition rights offered for subscription, the Corporation shall grant Common Shareholders rights to receive Common Shares or stock acquisition rights for Common Shares and shall grant Model AA Class Shareholders rights to receive Model AA Class Shares of the Series held by such shareholders or stock acquisition rights for such Model AA Class Shares, as the case may be, simultaneously and in the same proportion.
3. If the Corporation makes a gratis allotment to its shareholders of shares or stock acquisition rights, the Corporation shall make the gratis allotment to Common Shareholders of Common Shares or stock acquisition rights for Common Shares, and shall make the gratis allotment to Model AA Class Shareholders of Model AA Class Shares of the Series held by such shareholders or stock acquisition rights for such Model AA Class Shares, as the case may be, simultaneously and in the same proportion.
Article 17. (Shareholders conversion right into Common Shares)
Model AA Class Shareholders may, at certain times specified therefor in resolutions of the board of directors to be adopted upon issuance of First Series Model AA Class Shares through Fifth Series Model AA Class Shares, demand that the Corporation acquire some or all of the relevant Model AA Class Shares held by such Model AA Class Shareholders in exchange for Common Shares, in numbers determined by formula specified in such resolutions. Any fractions of less than one share among Common Shares to be delivered in exchange for such Model AA Class Shares shall be disregarded, in which case payment of money, as provided in Article 167, Paragraph 3 of the Companies Act, shall not be made.
Article 18. (Shareholders cash put option)
Model AA Class Shareholders may, at certain times specified as put option periods in resolutions of the board of directors to be adopted upon issuance of First Series Model AA Class Shares through Fifth Series Model AA Class Shares, demand that the Corporation acquire some or all of the relevant Model AA Class Shares in exchange for cash in an amount equivalent to the Base Price. If the demand for acquisition exceeds the amount available for distribution as of the date of demand for such acquisition, as specified in Article 461, Paragraph 2 of the Companies Act, Model AA Class Shares to be acquired by the Corporation shall be determined by resolution of its board of directors, and the cash put option in respect of Model AA Class Shares not so acquired shall be deemed not to have been exercised.
Article 19. (Corporations cash call option)
After the lapse of the period specified in resolutions of the board of directors to be adopted upon issuance of First Series Model AA Class Shares through Fifth Series Model AA Class Shares following the issue of the relevant Model AA Class Shares, at an acquisition date separately determined by resolution of the board of directors of the Corporation, the Corporation may acquire all of the relevant Series of Model AA Class Shares in exchange for cash in an amount equivalent to the Base Price.
Article 20. (Priority)
Each Model AA Class Share shall rank pari passu with every other Model AA Class Share in respect of the AA Dividends, the AA Interim Dividends, the distributions from surplus provided for in the exceptions to Article 12, Paragraph 3, and the distribution of residual assets.
Article 21. (Restrictions on transfer)
1. Acquisition of Model AA Class Shares by means of transfer will require the approval of the board of directors of the Corporation.
2. In the event that a tender offer as provided in Article 27-2, Paragraph 6 of the Financial Instruments and Exchange Act is commenced for Model AA Class Shares and any Model AA Class Shareholder tenders its Model AA Class Shares, upon the delivery of Model AA Class Shares or other transfer upon settlement, the Board of Directors shall be deemed to have given approval as set forth in the preceding paragraph.
Article 22. (Prescription Period)
The provisions of Article 46, Paragraph 4 and Article 47 of these Articles shall apply mutatis mutandis to the payment of AA Dividends and AA Interim Dividends.
CHAPTER IV. GENERAL MEETINGS OF SHAREHOLDERS
Article 23. (Ordinary General Meetings and Extraordinary General Meetings of Shareholders)
1. The ordinary general meeting of shareholders of the Corporation shall be convened in June of each year.
Extraordinary general meetings of shareholders may be called whenever necessary.
2. Each general meeting of shareholders may be convened at the place where the principal office of the Corporation is located, or at a place adjacent thereto, or in Nagoya City.
Article 24. (Resolutions)
1. All resolutions of a general meeting of shareholders shall be adopted by a majority of the votes of the shareholders present at the meeting who are entitled to vote, unless otherwise provided by laws and regulations or these Articles of Incorporation of the Corporation.
2. Special resolutions as specified by Article 309, Paragraph 2 of the Companies Act shall be adopted by not less than two-thirds (2/3) of the votes of the shareholders present at the meeting who hold shares representing in aggregate not less than one-third (1/3) of the voting rights of all shareholders who are entitled to vote.
Article 25. (Chairman of General Meeting)
1. The Chairman of the Board or the President of the Corporation shall preside as chairman at a general meeting of shareholders.
2. In the event that the positions of both the Chairman of the Board and the President are vacant or that both of them are prevented from so presiding as chairman, another Director of the Corporation shall preside in their place according to the order of precedence previously established by the Board of Directors.
Article 26. (Exercise of Voting Rights by Proxy)
1. A shareholder may exercise its voting rights by proxy, provided, however, that the proxy shall be a shareholder of the Corporation who is entitled to exercise its own voting rights.
2. In cases where the preceding paragraph applies, the shareholder or its proxy shall file with the Corporation a document establishing the proxys power of representation for each general meeting of shareholders.
3. The Corporation may refuse a shareholder having two (2) or more proxies attend a general meeting of shareholders.
Article 27. (Deemed Delivery of Reference Documents, etc. for General Meeting of Shareholders)
Upon convening a general meeting of shareholders, the Corporation may deem that the information which is required to be described or indicated in reference documents for the general meeting of shareholders, business reports, financial statements and consolidated financial statements shall be provided to the shareholders, in the event that it is disclosed, pursuant to laws and regulations, through the method by which shareholders may receive such information through an electronic means.
Articles 28. (Resolutions at class meetings)
1. The provisions of Articles 25, 26 and 27 of these Articles shall apply mutatis mutandis to class meetings.
2. The provisions of Article 24, Paragraph 1 of these Articles shall apply mutatis mutandis to the resolutions of class meetings made pursuant to Article 324, Paragraph 1 of the Companies Act.
3. The provisions of Article 24, Paragraph 2 of these Articles shall apply mutatis mutandis to the resolutions of class meetings made pursuant to Article 324, Paragraph 2 of the Companies Act.
4. No resolution of a class meeting of Model AA Class Shareholders shall be required in respect of any act prescribed in any item of Article 322, Paragraph 1 of the Companies Act, unless otherwise specifically provided by law or regulation.
5. No resolution of a class meeting of Model AA Class Shareholders shall be required under the provisions of Article 199, Paragraph 4 or Article 238, Paragraph 4 of the Companies Act.
CHAPTER V. MEMBERS OF THE BOARD OF DIRECTORS AND BOARD OF DIRECTORS
Article 29. (Number of Directors)
The Corporation shall have no more than twenty (20) Directors.
Article 30. (Election of Directors)
1. Directors shall be elected by a resolution of a general meeting of shareholders.
2. A resolution for the election of Directors shall be adopted by a majority vote of the shareholders present at the meeting who hold shares representing in aggregate not less than one-third (1/3) of the voting rights of all the shareholders who are entitled to vote.
3. The election of Directors shall not be made by cumulative voting.
Article 31. (Term of Office of Directors)
1. The term of office of Directors shall expire at the closing of the ordinary general meeting of shareholders to be held for the last business year of the Corporation ending within one (1) year after their election.
2. The term of office of any Director elected in order to increase the number of Directors or to fill a vacancy shall be the balance of the term of office of the other Directors who hold office at the time of his/ her election.
Article 32. (Board of Directors)
1. The Corporation shall have a Board of Directors.
2. Notice of a meeting of the Board of Directors shall be dispatched to each Director and each Audit & Supervisory Board Member at least three (3) days before the date of the meeting. In case of urgency, however, such period may be shortened.
3. With respect to matters to be resolved by the Board of Directors, the Corporation shall deem that such matters were approved by a resolution of the Board of Directors when all the Directors express their agreement in writing or by electronic records. Provided, however, that this provision shall not apply when any Audit & Supervisory Board Member expresses his/her objection to such matters.
4. In addition to the preceding two (2) paragraphs, the management of the Board of Directors shall be subject to the Regulations of the Board of Directors established by the Board of Directors.
Article 33. (Representative Directors and Executive Directors)
1. The Board of Directors shall designate one or more Representative Directors by its resolution.
2. The Board of Directors may appoint one Chairman of the Board, one President and one or more Vice Chairmen of the Board and Executive Vice Presidents by its resolution.
Article 34. (Honorary Chairmen and Senior Advisors)
The Board of Directors may appoint Honorary Chairmen and Senior Advisors by its resolution.
Article 35. (Exemption from Liability of Directors)
In accordance with the provisions of Article 426, Paragraph 1 of the Companies Act, the Corporation may, by a resolution of the Board of Directors, exempt Directors (including former Directors) from liabilities provided for in Article 423, Paragraph 1 of the Companies Act within the limits stipulated by laws and regulations.
Article 36. (Limited Liability Agreement with members of the Board of Directors)
In accordance with the provisions of Article 427, Paragraph 1 of the Companies Act, the Corporation may enter into an agreement with Members of the Board of Directors (excluding Executive Members of the Board of Directors, etc.) limiting liabilities provided for in Article 423, Paragraph 1 of the Companies Act; provided, however, that the limit of the liability under the agreement shall be the minimum amount of liability stipulated by laws and regulations.
CHAPTER VI. AUDIT & SUPERVISORY BOARD MEMBERS AND AUDIT & SUPERVISORY BOARD
Article 37. (Establishment of Audit & Supervisory Board Members and Number of Audit & Supervisory Board Members)
The Corporation shall have no more than seven (7) Audit & Supervisory Board Members.
Article 38. (Election of Audit & Supervisory Board Members)
1. Audit & Supervisory Board Members shall be elected by a resolution of a general meeting of shareholders.
2. A resolution for the election of Audit & Supervisory Board Members shall be adopted by a majority vote of the shareholders present at the meeting who hold shares representing in aggregate not less than one-third (1/3) of the voting rights of all the shareholders who are entitled to vote.
Article 39. (Term of Office of Audit & Supervisory Board Members)
1. The term of office of Audit & Supervisory Board Members shall expire at the closing of the ordinary general meeting of shareholders to be held for the last business year of the Corporation ending within four (4) years after their election.
2. The term of office of any Audit & Supervisory Board Member elected to fill a vacancy shall be the balance of the term of office of the Audit & Supervisory Board Member whom he/she succeeds.
Article 40. (Audit & Supervisory Board)
1. The Corporation shall have an Audit & Supervisory Board.
2. Notice of a meeting of the Audit & Supervisory Board shall be dispatched to each Audit & Supervisory Board Members at least three (3) days before the date of the meeting. In case of urgency, however, such period may be shortened.
3. In addition to the provisions of the preceding paragraph, the management of the Audit & Supervisory Board shall be subject to the Regulations of the Audit & Supervisory Board established by the Audit & Supervisory Board.
Article 41. (Full-time Audit & Supervisory Board Member)
The Audit & Supervisory Board shall, by its resolution, select one or more full-time Audit & Supervisory Board Members.
Article 42. (Exemption from Liability of Audit & Supervisory Board Members)
In accordance with the provisions of Article 426, Paragraph 1 of the Companies Act, the Corporation may, by a resolution of the Board of Directors, exempt Audit & Supervisory Board Members (including former Audit & Supervisory Board Members) from liabilities provided for in Article 423, Paragraph 1 of the Companies Act within the limits stipulated by laws and regulations.
Article 43. (Limited Liability Agreement with Audit & Supervisory Board Members)
In accordance with the provisions of Article 427, Paragraph 1 of the Companies Act, the Corporation may enter into an agreement with Audit & Supervisory Board Members limiting liabilities provided for in Article 423, Paragraph 1 of the Companies Act; provided, however, that the limit of the liability under the agreement shall be the minimum amount of liability stipulated by laws and regulations.
CHAPTER VII. ACCOUNTING AUDITOR
Article 44. (Accounting Auditor)
The Corporation shall have an Accounting Auditor (kaikeikansa-nin).
CHAPTER VIII. ACCOUNTS
Article 45. (Business Year)
The business year of the Corporation shall be one (1) year from April 1 of each year until March 31 of the following year.
Article 46. (Dividends from Surplus, etc.)
1. Dividends from Surplus of the Corporation shall be paid to the shareholders or registered share pledgees entered or recorded in the final register of shareholders as of March 31 of each year.
2. The Corporation may, by a resolution of the Board of Directors, distribute dividends from surplus as provided for in Article 454, Paragraph 5 of the Companies Act to the shareholders or registered share pledgees entered or recorded in the final register of shareholders as of September 30 of each year.
3. In addition to the preceding two (2) paragraphs, the Corporation may, by a resolution of the Board of Directors, decide on matters provided for in each Item of Article 459, Paragraph 1 of the Companies Act.
4. No interest shall be paid on unpaid dividends from surplus.
Article 47. (Dispensation from Payment of Dividends from Surplus, etc.)
In the case where the dividends from surplus are paid by cash, the Corporation shall not be obliged to pay any dividends from surplus after three (3) years have expired from the date of tender thereof.
Exhibit 2.4
DESCRIPTION OF THE COMMON STOCK AND RELATED MATTERS
Except as otherwise stated, set forth below is information relating to Toyotas common stock and Model AA Class Shares, including brief summaries of the relevant provisions of Toyotas articles of incorporation and share handling regulations, as currently in effect, and of the Companies Act, the Book-Entry Transfer Act and related legislation. Capitalized terms used but not defined herein have the meanings given to them in Toyotas annual report on Form 20-F for the fiscal year ended March 31, 2019.
General
Toyotas authorized number of shares as of March 31, 2018 was 10,000,000,000 common shares, of which 3,262,997,492 shares were issued. The articles of incorporation was amended at the 111th Ordinary General Shareholders Meeting held in June 2015 and Toyotas authorized number of shares was changed to 10,000,000,000 shares, with the total number of authorized shares per class, of 10,000,000,000 for common shares, 50,000,000 for First Series Model AA Class Shares, 50,000,000 for Second Series Model AA Class Shares, 50,000,000 for Third Series Model AA Class Shares, 50,000,000 for Fourth Series Model AA Class Shares and 50,000,000 for Fifth Series Model AA Class Shares, and the total number of shares authorized to be issued with respect to First Series Model AA Class Shares through the Fifth Series Model AA Class Shares not to exceed 150,000,000 shares. As of June 23, 2017, there were 47,100,000 shares of First Series Model AA Class Shares issued and outstanding. Neither the common shares nor the First Series Model AA Class Shares have any par value.
Toyota does not issue share certificates for its shares. In accordance with the Companies Act, the Book-Entry Transfer Act and Toyotas articles of incorporation, Toyotas common shares are recorded or registered on (i) Toyotas register of shareholders and (ii) transfer account books of JASDEC, which is a book-entry transfer institution and securities firms, banks or other account management institutions. The transfer of common shares will generally become effective once the transfer is recorded in the transferees account. There are no restrictions imposed by Toyotas articles of incorporation or share handling regulations on the transfer of common shares. In order to assert shareholders rights against Toyota, a shareholder must generally have his or her name and address recorded or registered on Toyotas register of shareholders. A holder of common shares can assert minority shareholders rights (shareholders rights for which Toyota has not set a record date) against Toyota if JASDEC provides an individual shareholder notice to Toyota upon the shareholders request. The shareholder of deposited shares underlying the ADSs is the Depositary for the ADSs. Accordingly, holders of ADSs will not be able directly to assert shareholders rights.
A holder of common shares must have a transfer account to transfer shares. Holders of common shares who do not have a transfer account with JASDEC must have an account with an account management institution that directly or indirectly has a transfer account with JASDEC. Once Toyota decides on the record date for its shareholders meeting or makes a request to JASDEC based on justifiable grounds, JASDEC will promptly provide to Toyota names, addresses and other information with respect to the holders of Toyotas common shares who are recorded on the transfer account books of JASDEC or account management institutions. Upon receiving such information, Toyota will record or register such information received from JASDEC on its register of shareholders. Accordingly, holders of common shares recorded or registered on Toyotas register of shareholders will be treated as holders of common shares of Toyota and may exercise rights, such as voting rights, and will receive dividends (if any) and notices to holders of common shares directly from Toyota. Holders of common shares wishing to assert minority shareholders rights against Toyota must request an individual shareholder notice to JASDEC or the account management institution at which the shareholder has opened a transfer account. In response to such request, JASDEC will provide the individual shareholders notice to Toyota. A holder of common shares may assert his or her minority shareholders rights against Toyota for a period of four weeks after the date the individual shareholder notice is provided to Toyota. The shares held by a person who is deemed to hold additional shares according to the transfer account books are aggregated for these purposes.
Model AA Class Shares, once issued, will be recorded or registered on Toyotas register of shareholders. The transfer of Model AA Class Shares, once issued, will be effective upon an agreement between the transferor and the transferee, but entry or record of a change of holder in the register of shareholders will require an approval from the board of directors.
Dividends
Dividends General
Toyota normally pays dividends twice per year, including an interim dividend and a year-end dividend. Toyotas articles of incorporation provide that retained earnings can be distributed as dividends pursuant to a resolution of its board of directors. Toyotas board of directors resolves to pay year-end dividends to holders of common shares and registered pledgees of common shares of record as of March 31, the record date, in each year. In addition, the articles of incorporation provide that in the event that Toyota pays a year-end dividend to holders of common shares, it will pay AA Dividends in cash from surplus to any holders of Model AA Class Shares or registered pledgees of Model AA Class Shares entered or recorded in the final register of shareholders as of the record date for the year-end dividend, in preference to holders of common shares or registered pledgees of common shares. The amount of annual AA Dividends per Model AA Class Share is calculated by multiplying the amount per Model AA Class Share paid to Toyota as consideration by a rate determined by the board of directors prior to the issuance of such Model AA Class Share, which rate is not to exceed 5%.
In addition to these year-end dividends, Toyota may pay an interim dividend in the form of cash distributions from its distributable surplus to holders of common shares and pledgees of common shares of record as of September 30, the record date, in each year by a resolution of its board of directors. The articles of incorporation provide that in the event that Toyota pays such interim dividends, Toyota will pay AA Interim Dividends in cash as interim dividend to any holders of Model AA Class Shares or registered pledgees of Model AA Class Shares entered or recorded in the final register of shareholders as of the record date for the interim dividend, in preference to holders of common shares or registered pledgees of common shares. If AA Interim Dividends are paid during the fiscal year in which the record date for the year-end dividend falls, the amount of AA Interim Dividends is deducted from AA Dividends to be paid per the above paragraph.
If the amount of the dividends from surplus paid in cash to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares is less than the prescribed amount of AA Dividends in any fiscal year, the amount of the shortfall will be carried forward to and accumulate in the following fiscal year and thereafter. Dividends from surplus will be paid in cash to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares in preference to the payment of interim and year-end dividends until such payment reaches the amount of the accumulated unpaid dividends.
In addition, under the Companies Act, dividends may be paid to holders of common shares and pledgees of record of common shares as of any record date, other than those specified above, as set forth by Toyotas articles of incorporation or as determined by its board of directors from time to time. Under the Companies Act, dividends may be distributed in cash or (except in the case of interim dividends mentioned in the second preceding paragraph) in kind, subject to limitations on distributable surplus and to certain other conditions.
Dividends Distributable amount
Under the Companies Act, Toyota is permitted to make distributions of surplus to the extent that the aggregate book value of the assets to be distributed to shareholders does not exceed the distributable amount provided for by the Companies Act and the ordinance of the Ministry of Justice as at the effective date of such distribution of surplus.
The amount of surplus at any given time shall be the amount of Toyotas assets and the book value of Toyotas treasury stock after subtracting and adding the amounts of items provided for by the Companies Act and
the ordinance of the Ministry of Justice, and the amount of surplus distributable for dividends is calculated by adding to and subtracting from this amount the amounts of items provided for by the Companies Act and the ordinance of the Ministry of Justice.
Dividends Prescription
Under its articles of incorporation, Toyota is not obligated to pay any dividends in cash which are left unclaimed for a period of three years after the date on which they first became payable.
Japanese Unit Share System
General. Consistent with the requirements of the Companies Act, Toyotas articles of incorporation provide that 100 common shares or Model AA Class Shares each constitute one unit. Although the number of shares constituting a unit is included in the articles of incorporation, any amendment to the articles of incorporation reducing (but not increasing) the number of shares constituting a unit or eliminating the provisions for the unit of shares may be made by a resolution of the board of directors rather than by a special shareholders resolution, which is otherwise required for amending the articles of incorporation.
Voting Rights under the Unit Share System. Under the unit share system, shareholders have one voting right for each unit of shares that they hold. Any number of common shares or Model AA Class Shares less than a full unit will carry no voting rights.
Purchase by Toyota of Shares Constituting Less Than a Unit. A holder of shares constituting less than a full unit may require Toyota to purchase those shares at their market value in the case of common shares and at fair price in the case of Model AA Class Shares in accordance with the provisions of Toyotas share handling regulations and the Companies Act.
Voting Rights
Toyota holds its ordinary general shareholders meeting each year. In addition, Toyota may hold an extraordinary general shareholders meeting whenever necessary by giving at least two weeks advance notice. Under the Companies Act, notice of any shareholders meeting must be given to each shareholder having voting rights or, in the case of a non-resident shareholder, to his or her resident proxy or mailing address in Japan in accordance with Toyotas share handling regulations, at least two weeks prior to the date of the meeting.
Holders of common shares and holders of Model AA Class Shares shall have voting rights exercisable at a general shareholders meeting. A holder of shares constituting one or more whole units is entitled to one vote per unit of shares subject to the limitations on voting rights set forth in this paragraph. In general, under the Companies Act, a resolution can be adopted at a general shareholders meeting by a majority of the shares having voting rights represented at the meeting. The Companies Act and Toyotas articles of incorporation require a quorum for the election of members of the board of directors and audit & supervisory board members of not less than one-third of the total number of outstanding shares having voting rights. Toyotas shareholders are not entitled to cumulative voting in the election of members of the board of directors. A corporate shareholder, the management of which is substantially under Toyotas control as provided by an ordinance of the Ministry of Justice, either through the holding of voting rights or for any other reason, does not have voting rights.
Shareholders may exercise their voting rights by attending the general shareholders meeting or in writing by mail. Shareholders who choose to exercise their voting rights by mail must fill out and return to Toyota the voting right exercise form enclosed with the convocation notice of the general shareholders meeting by the date specified in such convocation notice. In addition, from the general shareholders meeting for fiscal 2009, shareholders may exercise their voting rights through the internet. Shareholders electing to exercise their voting rights through the internet must log on to the Website to Exercise Voting Rights using the login ID and temporary password provided in the voting right exercise form enclosed with the convocation notice and submit their votes by a date specified in the convocation notice, following instructions appearing on the website.
Institutional investors may also use the Electronic Proxy Voting Platform operated by Investor Communications Japan to exercise their voting rights through the use of the Internet, if such institutional investor applies to use the platform in advance. Shareholders may also exercise their voting rights through proxies, provided that those proxies are also shareholders who have voting rights. Toyota may refuse a shareholder having two or more proxies attend a general shareholders meeting.
The Companies Act provides that a quorum of at least one-third of outstanding shares with voting rights must be present at a shareholders meeting to approve any material corporate actions such as:
(1) | any amendment of the articles of incorporation with certain exceptions in which a shareholders resolution is not required; |
(2) | acquisition of its own shares from a specific party; |
(3) | consolidation of shares; |
(4) | any issue or transfer of its shares at a specially favorable price (or any issue of stock acquisition rights or bonds with stock acquisition rights at specially favorable conditions by Toyota) to any persons other than shareholders; |
(5) | the removal of an audit & supervisory board member; |
(6) | the exemption of liability of a director or audit & supervisory board member with certain exceptions; |
(7) | a reduction of stated capital which meets certain requirements with certain exceptions; |
(8) | a distribution of in-kind dividends which meets certain requirements; |
(9) | dissolution, merger, or consolidation with certain exceptions in which a shareholders resolution is not required; |
(10) | the transfer of the whole or a material part of the business; |
(11) | the transfer in entirety or in part of shares or equity interest of a subsidiary under certain conditions; |
(12) | the taking over of the entire business of any other corporation with certain exceptions in which a shareholders resolution is not required; |
(13) | share exchange or share transfer for the purpose of establishing 100% parent-subsidiary relationships with certain exceptions in which a shareholders resolution is not required; or |
(14) | company split with certain exceptions in which a shareholders resolution is not required. |
At least two-thirds of the shares having voting rights represented at the meeting must approve these actions.
The voting rights of holders of ADSs are exercised by the Depositary based on instructions from those holders.
Rights to be Allotted Shares
Holders of common shares and Model AA Class Shares have no preemptive rights under Toyotas articles of incorporation. Under the Companies Act, the board of directors may, however, determine that shareholders shall be given rights to be allotted shares or stock acquisition rights on request in connection with a particular issue or transfer of shares, or issue of stock acquisition rights, respectively. In this case, such rights must be given on uniform terms to all shareholders as of a specified record date by at least two weeks prior public notice to shareholders of the record date.
Rights to be allotted shares are nontransferable. However, a shareholder may be allotted stock acquisition rights without consideration thereto, and may transfer such rights.
Liquidation Rights
In the event of a liquidation of Toyota, the assets remaining after payment of all debts, liquidation expenses and taxes will be distributed as follows. First, an amount per First Series Model AA Class Share through Fifth Series Model AA Class Share, determined by resolution of the board of directors or calculated using a formula determined by a resolution of the board of directors prior to the issuance of such Model AA Class Shares based on the amount per Model AA Class Shares paid to Toyota as consideration, shall be paid in cash to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares. No other distribution of residual assets shall be made to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares. The remaining residual assets shall be distributed among the holders of common shares or registered pledgees of common shares in proportion to the respective number of shares they own.
Liability to Further Calls or Assessments
All of Toyotas currently outstanding shares, including shares represented by the ADSs, are fully paid and nonassessable.
Record Date
The close of business on March 31 is the record date for Toyotas year-end dividends, if paid. A holder of common shares or Model AA Class Shares constituting one or more whole units who is recorded or registered as a holder on Toyotas register at the close of business as of March 31 is also entitled to exercise shareholders voting rights at the ordinary general shareholders meeting with respect to the business year ending on March 31. The close of business on September 30 of each year is the record date for interim dividends, if paid. In addition, Toyota may set a record date for determining the shareholders entitled to other rights and for other purposes by giving at least two weeks prior public notice.
The shares generally trade ex-dividend or ex-rights in the Japanese stock exchanges two business day prior to a record date (or if the record date is not a business day, three business days prior thereto), for the purpose of dividends or rights offerings. However, in connection with the scheduled shortening of the settlement period of shares listed on any Japanese stock exchange, the ex-dividend date and ex-rights date is expected to become the preceding business day before the record date (or if the record date is not a business day, two business days prior thereto) if the record date is on or after July 18, 2019 (provided, however, such transition date is subject to change).
Acquisition or Disposition of Shares or ADS
Under the Foreign Exchange and Foreign Trade Law and the cabinet orders and ministerial ordinances thereunder, all aspects of regulations on foreign exchange and foreign trade transactions are, with minor exceptions (which are not generally applicable to the purchase and sale of Toyotas shares), only subject to post transaction reporting requirements. Acquisitions and dispositions of shares of common stock or ADS by non-residents of Japan (including foreign corporations not resident in Japan) are generally not subject to this reporting requirement. However, the Minister of Finance has the power to impose a licensing requirement for transactions in limited circumstances.
Report of Substantial Shareholdings
The Financial Instruments and Exchange Law of Japan and regulations under the Law require any person who has become a holder (together with its related persons) of more than 5% of the total issued shares of a company listed on any Japanese stock exchange (including ADSs representing such shares) to file with the Director of a competent Local Finance Bureau, within five business days, a report concerning those shareholdings. A similar report must also be filed to reflect any change of 1% or more in any shareholding or any change in material matters set out in reports previously filed. Any such report shall be filed with the Director of a competent Local Finance Bureau through the Electronic Disclosure for Investors Network system. For this
purpose, shares issuable to a shareholder upon exercise of stock acquisition rights are taken into account in determining both the number of shares held by that stock acquisition rights holder and the companys total issued shares.
DESCRIPTION OF THE AMERICAN DEPOSITARY SHARES
An American Depositary Receipt, or ADR, is a negotiable certificate delivered by a United States bank or trust company acting as depositary. In the same way that a share certificate of a U.S. issuer would evidence shares, an ADR evidences American Depositary Shares, which are also referred to as ADSs. Each ADS represents an ownership interest in two shares of Toyotas common stock, which shares are held in Japan on deposit by the depositary or its agent for the benefit of holders of ADRs.
The terms of the ADRs are contained in the deposit agreement dated as of September 27, 1999 among Toyota, The Bank of New York Mellon, as depositary, and the owners and beneficial owners of ADRs issued thereunder. The principal executive office of the depositary is located at 240 Greenwich Street, New York, New York 10286. The following is a summary of the material provisions of the deposit agreement and, thus, it does not contain all information that may be relevant to holders of ADRs. Investors should read the entire deposit agreement (including the form of ADR) for complete information. Toyota has filed a copy of the deposit agreement as an exhibit to Toyotas annual report on Form 20-F, which can be accessed on the SECs website (http://www.sec.gov).
The depositary will deliver ADRs based on the deposit of common shares with Sumitomo Mitsui Banking Corporation as custodian under the deposit agreement. Deposited common shares will be represented by ADSs. If a holders ownership interest is held through a broker, dealer or other third party, that broker, dealer or third party will provide documentation showing the holders beneficial interest in the ADSs. Only persons in whose names ADRs are registered on the books of the depositary will be treated as holders of ADRs by the depositary and by Toyota. In this Description of the American Depositary Shares, the term holders shall refer only to persons in whose name ADRs are registered on the books of the depositary. The depositary owes no duties to anyone other than Toyota and holders of ADSs.
Deposit of Common Shares and Issuance of ADRs
Common shares deposited with the custodian must be accompanied by documents specified in the deposit agreement, including instruments showing that those common shares have been properly transferred to the person on whose behalf the deposit is being made. The custodian will hold all deposited common shares for the account of the depositary. Holders thus have no direct ownership interest in the common shares and only have those rights as are contained in the deposit agreement. The custodian will also hold any additional securities, property and cash received on or in substitution for the deposited common shares. The deposited common shares and any additional items are referred to as deposited securities.
Upon each deposit of common shares, receipt of related delivery documentation and compliance with the other provisions of the deposit agreement, including the payment of the fees and charges of the depositary, the depositary will execute and deliver an ADR or ADRs in the name of the person entitled thereto evidencing the number of ADSs to which that person is entitled. ADRs will be delivered at the depositarys Corporate Trust Office.
Surrender of ADRs and Delivery of Deposited Securities
Holders are entitled to receive the deposited securities underlying the ADSs upon surrender of ADRs to the depositary with delivery instructions for the deposited securities. In addition, holders must pay all fees, taxes and governmental charges that may apply. Deposited securities are normally delivered at the custodians office unless
the holder requests, at his own risk and expense, that they be delivered to another place. The depositary may only restrict the withdrawal of deposited securities in connection with:
| temporary delays caused by closing transfer books of the depositary or Toyotas transfer books or the deposit of common shares in connection with voting at a shareholders meeting, or the payment of dividends, |
| the payment of fees, taxes and similar charges, or |
| compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or the withdrawal of deposited securities. |
Dividends and Other Distributions on Deposited Securities
Toyota may make various types of distributions with respect to its securities. Except as stated below, to the extent the depositary is legally permitted it will deliver those distributions to holders in proportion to their interests in the following manner:
Cash
The depositary shall convert cash dividends or other distributions from foreign currency to U.S. dollars if this is permissible and can be done on a reasonable basis. The depositary will hold the foreign currency it cannot convert for the account of the ADR holders who have not been paid. The depositary will not invest the foreign currency and it will not be liable for interest. The depositary will endeavor to distribute cash in a practicable manner, and may deduct any taxes required to be withheld, its fees, any expenses of converting foreign currency and transferring funds to the United States, and other expenses and adjustments.
Common Shares
In the case of a distribution in common shares, the depositary may execute and deliver additional ADRs to evidence the number of ADSs representing those common shares. Only whole ADSs will be issued. Any common shares which would result in fractional ADSs will be sold and the net proceeds will be distributed to the holders entitled thereto. If the depositary does not distribute additional ADRs, the existing ADRs will also represent the new common shares.
Rights
In the case of a distribution of rights to subscribe for additional common shares or other rights, if Toyota provides satisfactory evidence that the depositary may lawfully distribute those rights, the depositary may arrange for holders to instruct the depositary as to the exercise of those rights. However, if Toyota does not furnish that evidence, the depositary may:
| sell those rights if practicable and distribute the net proceeds as cash, or |
| allow those rights to lapse, whereupon holders of ADRs will receive nothing. |
Toyota has no obligation to file a registration statement under the Securities Act to make any rights available to holders. Any sale or lapse of rights may reduce the holders equity interest in Toyota.
Other Distributions
In the case of a distribution of securities or property other than those described above, the depositary may either: distribute those securities or property in any manner it deems fair and equitable; or sell those securities or property and distribute any net proceeds as cash.
The depositary may choose any practicable method of distribution for any specific holder, including the distribution of foreign currency, securities or property, or it may retain such items on behalf of the holder as deposited securities.
There can be no assurance that the depositary will be able to convert any currency at a specified exchange rate or sell any property, rights, common shares or other securities at a specified price, nor that any of those transactions can be completed within a specified time period.
Record Date
The depositary may fix a record date for determining the holders who shall be entitled to receive distributions, exercise voting rights, receive notices, or act on other matters. This record date will be as near as possible to the corresponding record date set by Toyota.
Voting of Deposited Securities
After receiving voting materials from Toyota and if Toyota requests, the depositary will notify the holders of any shareholder meeting or solicitation of consents or proxies. This notice will describe how the holder may instruct the depositary to exercise the voting rights for the common shares which underlie that holders ADRs. If the depositary receives instructions on or before a date set by the depositary, the depositary will endeavor to vote the common shares in accordance with the holders instructions. If the depositary does not receive instructions from a holder on or before the date established by the depositary for that purpose, the depositary will deem that holder to have instructed the depositary to give a proxy to a person designated by Toyota to vote the number of common shares underlying that holders ADRs. However, if Toyota informs the depositary that Toyota does not wish to have any proxy given or if substantial opposition to the proposal exists or if the proposal materially and adversely affects the rights of shareholders, a discretionary proxy will not be issued. Because there is no guarantee that holders will receive voting materials in time to instruct the depositary to vote, it is possible that holders or persons who hold their ADRs through brokers, dealers or other third parties will not have the opportunity to exercise their rights to vote. The depositary will not itself exercise any voting discretion. Furthermore, neither the depositary nor its agents are responsible for any failure to carry out any voting instructions, for the manner in which any vote is cast or for the effect of any vote.
In voting or exercising the right to vote, the depositary will, to the extent possible, aggregate the common shares for which the same or similar instructions have been given so as to be able to vote the largest number of whole units as possible. As a result of this aggregation, holders of ADRs representing less than a whole unit of common shares may or may not have their votes counted with respect to any particular matter voted upon.
Inspection of Transfer Books
The depositary will maintain books for the registration, transfer, combination and split-up of ADRs. These books will be available for inspection by the holders for the purpose of communicating with holders in the interest of Toyotas business or a matter related to the deposit agreement.
Changes Affecting Deposited Securities
If Toyota takes actions that affect the deposited securities, including (1) any split-up, consolidation or other reclassification of deposited securities and (2) any recapitalization, reorganization, merger, consolidation or sale of all or substantially all Toyotas assets, then the depositary may choose to:
1. | amend the form of ADR, |
2. | distribute the additional or amended ADRs, |
3. | distribute cash, securities or other property it has received in connection with those actions, |
4. | sell any securities or property received and distribute the proceeds as cash, or |
5. | none of the above. |
If the depositary does not choose any of 1 to 4 above, any of the cash, securities or other property it receives shall constitute part of the deposited securities and each ADR will then represent a proportionate interest in that property.
Amendment and Termination of Deposit Agreement
Toyota and the depositary may jointly amend the deposit agreement. The holders must be given at least 30 days notice of any amendment that imposes or increases any fees or charges (except for taxes and other charges specifically payable by holders under the deposit agreement), or affects any substantial existing right of holders. If a holder continues to hold ADRs after being so notified, that holder is deemed to agree to this amendment. No amendment may take away any holders right to cancel ADRs and to receive the deposited securities underlying the ADRs, except to comply with requirements of law.
If directed by Toyota, the depositary shall terminate the deposit agreement by giving the holders at least 90 days prior notice. The depositary may also terminate the deposit agreement by providing notice if it has resigned and no successor has been appointed within 90 days after its resignation. After termination, the depositarys only responsibility will be to deliver deposited securities to holders who surrender their ADRs, and to hold or sell distributions received on deposited securities. At any time after the expiration of one year from the termination date, the depositary may sell the deposited securities which remain and hold the net proceeds from those sales, without liability for interest, in trust for the holders who have not yet surrendered their ADRs. After making the sale, the depositary shall have no obligations except to account for those proceeds and other cash.
Liability of Holders for Taxes
Holders must also pay any tax or other governmental charge payable by the custodian or the depositary on any ADR, deposited security or distribution. If a holder owes any tax or other governmental charge, the depositary may (1) deduct the amount of taxes owed from any cash distributions, or (2) sell deposited securities and deduct the amount owing from the net proceeds of that sale. In either case the holder remains liable for any shortfall. If any tax or governmental charge is required to be withheld on any non-cash distribution, the depositary may sell the distributed property or securities to pay those taxes and distribute any remaining net proceeds to the holder entitled thereto.
Conditions to the Issuance of ADRs and Other Transactions
The depositary, the custodian or Toyota may refuse to:
| deliver, register or transfer an ADR or ADRs, |
| effect a split-up or combination of ADRs, |
| deliver distributions on any ADRs, or |
| permit the withdrawal of deposited securities (unless the deposit agreement provides otherwise) |
until the following conditions have been met:
| the holder has paid all taxes, governmental charges, and fees and expenses as required in the deposit agreement, |
| the holder has provided the depositary with any information it may deem necessary or proper, including without limitation, proof of identity and the genuineness of any signature, and |
| the holder has complied with all regulations that the depositary may establish under the deposit agreement. |
The depositary may also suspend the issuance of ADRs, the deposit of common shares, the registration, transfer, split-up or combination of ADRs, or the withdrawal of deposited securities (unless the deposit agreement provides otherwise), if the register for ADRs or any deposited securities is closed or if the depositary or Toyota decides that this action is advisable.
Limitation on Liability
The deposit agreement expressly limits the obligations and liability of the depositary, Toyota and its and Toyotas respective agents. The depositary and Toyota will not be liable:
| if they are prevented or hindered in performing any obligations by circumstances beyond their control, including, without limitation, requirements of law, the terms of the deposited securities and acts of God, |
| for exercising or failing to exercise discretion under the deposit agreement, |
| if they perform their obligations without negligence or bad faith, or |
| for any action based on advice or information from legal counsel, accountants, any person presenting common shares for deposit, any holder, or other qualified person. |
The deposit agreement also provides that the depositary and Toyota have no obligation to become involved in a lawsuit or other proceeding related to the ADRs or the deposit agreement on behalf of the owners of ADRs or any other party unless Toyota or it has received an indemnity satisfactory to it. In addition, the deposit agreement permits the depositary and Toyota to rely upon any documents they believe in good faith to be genuine and to have been signed or presented by the proper party.
Pre-released ADRs
The depositary may deliver ADRs not only against the deposit with the custodian of common shares (or rights to receive common shares from Toyota or any registrar, transfer agent, clearing agent or similar entity), but also against the agreement by a qualified third party to deliver to the depositary the common shares within a specified period of time. ADRs issued against this type of agreement are called pre-released ADRs. Pre-released ADRs may be issued only if:
| the depositary has received collateral for the full market value of the pre-released ADRs, |
| the pre-released ADRs are terminable by the depositary upon not more than five business days notice, and |
| each recipient of pre-released ADRs agrees in writing that he or she: |
| owns the underlying common shares, |
| assigns all rights in those common shares to the depositary, and |
| will not transfer those common shares except to close out the pre-release. |
Governing Law
The deposit agreement is governed by the laws of the State of New York except with respect to its authorization and execution by Toyota, which are governed by the laws of Japan.
Exhibit 12.1
CERTIFICATIONS
I, Akio Toyoda, certify that:
1. | I have reviewed this annual report on Form 20-F of Toyota Motor Corporation (the Company); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; |
4. | The Companys other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the Companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the Companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Companys internal control over financial reporting; and |
5. | The Companys other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Companys auditors and the Audit & Supervisory Board (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Companys ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Companys internal control over financial reporting. |
Date: June 24, 2020
/S/ AKIO TOYODA |
Akio Toyoda |
President, Member of the Board of Directors Toyota Motor Corporation |
CERTIFICATIONS
I, Kenta Kon, certify that:
1. | I have reviewed this annual report on Form 20-F of Toyota Motor Corporation (the Company); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; |
4. | The Companys other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the Companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the Companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Companys internal control over financial reporting; and |
5. | The Companys other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Companys auditors and the Audit & Supervisory Board (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Companys ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Companys internal control over financial reporting. |
Date: June 24, 2020
/S/ KENTA KON |
Kenta Kon |
Operating Officer Toyota Motor Corporation |
Exhibit 13.1
CERTIFICATION
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Toyota Motor Corporation, a Japanese corporation (the Company), does hereby certify that, to such officers knowledge:
1. The accompanying Annual Report of the Company on Form 20-F for the period ended March 31, 2020 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
By: |
/S/ AKIO TOYODA | |
Name: | Akio Toyoda | |
Title: | President, Member of the Board of Directors | |
Date: June 24, 2020 | ||
By: |
/S/ KENTA KON | |
Name: | Kenta Kon | |
Title: | Operating Officer | |
Date: June 24, 2020 |
(A signed original of this written statement required by Section 906 has been provided to Toyota Motor Corporation and will be retained by Toyota Motor Corporation and furnished to the U.S. Securities and Exchange Commission or its staff upon request.)
Exhibit 15.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration Statement on Form F-3 (No. 333-225851) of Toyota Motor Corporation of our report dated June 24, 2020 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 20-F.
/s/ PricewaterhouseCoopers Aarata LLC |
Nagoya, Japan |
June 24, 2020 |
Segment data (Tables) |
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Segment Operating Results and Assets | Segment operating results and assets - As of and for the year ended March 31, 2018:
As of and for the year ended March 31, 2019:
As of and for the year ended March 31, 2020:
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Geographic Information | Geographic information - As of and for the year ended March 31, 2018:
As of and for the year ended March 31, 2019:
As of and for the year ended March 31, 2020:
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Revenues that are Attributed to Countries Based on Location of Customers, Excluding Customers in Japan | The following information shows revenues that are attributed to countries based on location of customers, excluding customers in Japan. In addition to the disclosure requirements under U.S.GAAP, Toyota discloses this information in order to provide financial statements users with valuable information.
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Balance Sheets - Non-financial Services and Financial Services Businesses | The financial data below presents separately Toyota’s non-financial services and financial services businesses.Balance sheets -
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Statements of Income - Non-financial Services and Financial Services Businesses | Statements of income -
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Statement of Cash Flows - Non-financial Services and Financial Services Businesses | Statements of cash flows -
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Employee benefit plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Information Regarding Defined Benefit Plans | Information regarding Toyota’s defined benefit plans is as follows:
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Amounts Recognized in Consolidated Balance Sheet Associated with Defined Benefit Plans | Amounts recognized in the consolidated balance sheets as of March 31, 2019 and 2020 are comprised of the following:
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Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) as of March 31, 2019 and 2020 are comprised of the following:
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Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for which Accumulated Benefit Obligations Exceed Plan Assets | The projected benefit obligation and fair value of plan assets for which the projected benefit obligations exceed plan assets are as follows:
The accumulated benefit obligation and fair value of plan assets for which the accumulated benefit obligations exceed plan assets are as follows:
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Components of Net Periodic Pension Cost | Components of the net periodic pension cost are as follows:
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Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows:
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Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost | Weighted-average assumptions used to determine benefit obligations as of March 31, 2019 and 2020 are as follows:
As of March 31, 2019 and 2020, the parent company and certain subsidiaries in Japan employ “point” based retirement benefit plans and do not use the rates of compensation increase to determine benefit obligations. Weighted-average assumptions used to determine net periodic pension cost for the years ended March 31, 2018, 2019 and 2020 are as follows:
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Summary of Fair Value of Classes of Plan Assets | The following table summarizes the fair value of classes of plan assets as of March 31, 2019 and 2020. See note 28 to the consolidated financial statements for three levels of input which are used to measure fair value. Japanese plans
Foreign plans
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Changes in Level 3 Plan Assets Measured At Fair Value | The following tables summarize the changes in Level 3 plan assets measured at fair value for the years ended March 31, 2018, 2019 and 2020: Japanese plans
Foreign plans
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Expected Benefit Payments Associated with Pension and Postretirement Benefit Plans | The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
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Class Shares (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Information Regarding Model AA Class Shares | Presented below is additional information regarding the Model AA Class Shares:
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - JPY (¥) ¥ in Millions |
12 Months Ended | ||
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Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
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Net income | ¥ 2,142,329 | ¥ 1,985,587 | ¥ 2,586,106 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (333,854) | 27,016 | (120,606) |
Unrealized gains (losses) on securities | 118,363 | (21,165) | (94,559) |
Pension liability adjustments | (60,196) | (54,836) | 22,315 |
Other comprehensive income (loss), net of tax | (275,687) | (48,985) | (192,850) |
Total comprehensive income | 1,866,642 | 1,936,602 | 2,393,256 |
Less - Comprehensive income attributable to noncontrolling interests | (45,878) | (96,458) | (93,096) |
Comprehensive income attributable to Toyota Motor Corporation | ¥ 1,820,764 | ¥ 1,840,144 | ¥ 2,300,160 |
Net revenues (Summary of Contract Liabilities) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Disaggregation of Revenue [Line Items] | ||
Contract liabilities | ¥ 691,954 | ¥ 675,018 |
Allowance for doubtful accounts and credit losses (Allowance for Credit Losses Relating to Retail Receivables, Finance Lease Receivables and Wholesale and Other Dealer Loan Receivables Portfolio Segments) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
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Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
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Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses at beginning of year | ¥ 183,085 | ||
Allowance for credit losses at end of year | 230,178 | ¥ 183,085 | |
Retail Receivables Portfolio Segment | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses at beginning of year | 117,594 | 103,457 | ¥ 104,354 |
Provision for credit losses, net of reversal | 107,784 | 68,470 | 52,891 |
Charge-offs | (82,613) | (72,657) | (74,868) |
Recoveries | 20,277 | 20,485 | 20,511 |
Other | (11,552) | (2,161) | 569 |
Allowance for credit losses at end of year | 151,490 | 117,594 | 103,457 |
Finance Lease Receivables Portfolio Segment | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses at beginning of year | 26,483 | 28,817 | 23,962 |
Provision for credit losses, net of reversal | 9,716 | 710 | 7,115 |
Charge-offs | (3,267) | (2,903) | (2,708) |
Recoveries | 353 | 345 | 315 |
Other | (2,386) | (486) | 133 |
Allowance for credit losses at end of year | 30,899 | 26,483 | 28,817 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses at beginning of year | 39,008 | 36,800 | 30,896 |
Provision for credit losses, net of reversal | 12,544 | 3,990 | 6,497 |
Charge-offs | (105) | (1,111) | (823) |
Recoveries | 33 | 45 | 59 |
Other | (3,691) | (716) | 171 |
Allowance for credit losses at end of year | ¥ 47,789 | ¥ 39,008 | ¥ 36,800 |
Finance receivables (Amount of Finance Receivables Segregated into Aging Categories Based on Number of Days Outstanding) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | ¥ 17,966,060 | ¥ 17,894,598 |
Retail Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 12,525,020 | 12,554,265 |
Total | 12,795,076 | 12,768,305 |
Retail Receivables Portfolio Segment | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 176,991 | 141,111 |
Retail Receivables Portfolio Segment | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 44,922 | 35,090 |
Retail Receivables Portfolio Segment | 90 days or greater past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 48,143 | 37,839 |
Finance Lease Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,675,523 | 1,625,893 |
Total | 1,691,371 | 1,636,536 |
Finance Lease Receivables Portfolio Segment | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 7,670 | 4,972 |
Finance Lease Receivables Portfolio Segment | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,426 | 1,396 |
Finance Lease Receivables Portfolio Segment | 90 days or greater past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 5,752 | 4,275 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 3,479,613 | 3,489,757 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,642,637 | 1,806,305 |
Total | 1,654,788 | 1,806,989 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,008 | 191 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,132 | 100 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | 90 days or greater past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 9,011 | 393 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 857,407 | 873,427 |
Total | 857,693 | 873,533 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 47 | |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 43 | |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | 90 days or greater past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 196 | 106 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 967,105 | 808,755 |
Total | 967,132 | 809,235 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | 90 days or greater past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | ¥ 27 | ¥ 480 |
Vehicles and equipment on operating leases (Summary of Vehicles and Equipment on Operating Lease) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Property Subject to or Available for Operating Lease [Line Items] | ||
Less - Deferred income and other | ¥ (241,610) | ¥ (259,124) |
Vehicles and equipment on operating leases, gross | 5,929,233 | 6,139,163 |
Less - Accumulated depreciation | (1,374,172) | (1,428,779) |
Less - Allowance for credit losses | (12,171) | (13,314) |
Vehicles and equipment on operating leases, net | 4,542,890 | 4,697,070 |
Vehicles | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Vehicles and equipment on operating leases, gross | 6,153,695 | 6,383,788 |
Equipment | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Vehicles and equipment on operating leases, gross | ¥ 17,148 | ¥ 14,499 |
Affiliated companies and variable interest entities (Account Balances and Transactions with Affiliated Companies) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Schedule of Equity Method Investments [Line Items] | |||
Trade accounts and notes receivable, and other receivables | ¥ 357,849 | ¥ 362,831 | |
Accounts payable and other payables | 780,935 | 845,755 | |
Net revenues | 2,423,338 | 2,213,236 | ¥ 2,004,632 |
Purchases | ¥ 6,781,279 | ¥ 6,431,464 | ¥ 5,749,430 |
Other receivables |
12 Months Ended |
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Mar. 31, 2020 | |
Other receivables | 7. Other receivables: Other receivables relate to arrangements with certain component manufacturers whereby Toyota procures inventory for these component manufactures and is reimbursed for the related purchases. |
Supplemental cash flow information |
12 Months Ended |
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Mar. 31, 2020 | |
Supplemental cash flow information | 3. Supplemental cash flow information: Cash payments for income taxes were ¥500,214 million, ¥836,619 million and ¥752,205 million for the years ended March 31, 2018, 2019 and 2020, respectively. Interest payments during the years ended March 31, 2018, 2019 and 2020 were ¥422,720 million, ¥507,812 million and ¥529,555 million, respectively. Finance lease obligations of ¥4,467 million and ¥6,086 million were incurred for the years ended March 31, 2018 and 2019, respectively. See note 23 to the consolidated financial statements for finance lease obligations for the year ended March 31, 2020. |
Employee benefit plans (Expected Benefit Payments Associated with Pension and Postretirement Benefit Plans) (Detail) ¥ in Millions |
Mar. 31, 2020
JPY (¥)
|
---|---|
Japan | |
Schedule of Pension Expected Future Benefit Payments [Line Items] | |
2021 | ¥ 82,748 |
2022 | 86,207 |
2023 | 87,914 |
2024 | 90,887 |
2025 | 87,909 |
from 2026 to 2030 | 441,675 |
Total | 877,340 |
Foreign Plans | |
Schedule of Pension Expected Future Benefit Payments [Line Items] | |
2021 | 43,815 |
2022 | 45,841 |
2023 | 47,645 |
2024 | 49,795 |
2025 | 50,854 |
from 2026 to 2030 | 281,343 |
Total | ¥ 519,293 |
Derivative financial instruments - Additional Information (Detail) ¥ in Millions |
Mar. 31, 2020
JPY (¥)
|
---|---|
Derivative [Line Items] | |
Credit risk derivatives, fair value, net liability | ¥ 6,750 |
Credit risk derivatives, aggregate fair value of assets posted | 230,830 |
Maximum amount of assets to be posted if the ratings decline below specified thresholds | ¥ 6,750 |
Other financial instruments |
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Other financial instruments | 22. Other financial instruments: Toyota has certain financial instruments, including financial assets and liabilities which arose in the normal course of business. These financial instruments are executed with creditworthy financial institutions, and virtually all foreign currency contracts are denominated in U.S. dollars, euros and other currencies of major developed countries. Financial instruments involve, to varying degrees, market risk as instruments are subject to price fluctuations, and elements of credit risk in the event a counterparty should default. In the unlikely event the counterparties fail to meet the contractual terms of a foreign currency or an interest rate instrument, Toyota’s risk is limited to the fair value of the instrument. Although Toyota may be exposed to losses in the event of non-performance by counterparties on financial instruments, it does not anticipate significant losses due to the nature of its counterparties. Counterparties to Toyota’s financial instruments represent, in general, international financial institutions. Additionally, Toyota does not have a significant exposure to any individual counterparty. Toyota believes that the overall credit risk related to its financial instruments is not significant.The following table summarizes the estimated fair values of Toyota’s financial instruments, excluding marketable securities, other securities investments, investments and other assets in affiliated companies and derivative financial instruments. See note 28 to the consolidated financial statements for three levels of input which are used to measure fair value.
Cash and cash equivalents and time deposits - In the normal course of business, substantially all cash and cash equivalents and time deposits are highly liquid and are carried at amounts which approximate fair value due to its short duration. Cash equivalents and time deposits include negotiable certificate of deposit measured at fair value on a recurring basis. Where money market funds produce a daily net asset value in an active market, this value is used to determine the fair value of the fund investment, and the investment is classified in Level 1. All other types of cash and cash equivalents and time deposits are classified in Level 2. Finance receivables, net - The fair values of finance receivables are estimated by discounting expected cash flows to present value using internal assumptions, including prepayment speeds, expected credit losses and collateral value. Certain impaired finance receivables are measured at fair value on a nonrecurring basis based on collateral values. As unobservable inputs are utilized, finance receivables are classified in Level 3. Other receivables - Other receivables are short-term receivables. These receivables are carried at amounts which approximate fair value, and the difference between the carrying amount and the fair value is not material. These receivables are classified in Level 3. Short-term borrowings and long-term debt - The fair values of short-term borrowings and long-term debt including the current portion, except for secured loans provided by securitization transactions using special-purpose entities, are estimated based on the discounted amounts of future cash flows using Toyota’s current borrowing rates for similar liabilities. As these inputs are observable, these debts are classified in Level 2. The fair values of the secured loans provided by securitization transactions are estimated based on current market rates and credit spreads for debt with similar maturities. Internal assumptions including prepayment speeds and expected credit losses are used to estimate the timing of cash flows to be paid on the underlying securitized assets. As these valuations utilize unobservable inputs, the secured loans are classified in Level 3. See note 11 to the consolidated financial statements for information regarding the secured loans. |
Accumulated other comprehensive income (Components of Accumulated Other Comprehensive Income (Loss) and Related Changes, Net of Taxes) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | ¥ 20,067,137 | ¥ 19,430,102 | ¥ 18,183,076 |
Effect of change in accounting policy | (27,538) | ||
Other comprehensive income (loss) before reclassifications, net of taxes | (286,079) | (42,788) | (170,629) |
Reclassifications, net of taxes | 10,392 | (6,197) | (22,221) |
Other comprehensive income (loss), net of tax | (275,687) | (48,985) | (192,850) |
Less - Other comprehensive income attributable to noncontrolling interests | 20,268 | 6,256 | (973) |
Equity transaction with noncontrolling interests and other | (28,939) | (2,121) | (1,659) |
Balances | 20,737,682 | 20,067,137 | 19,430,102 |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | (649,532) | (679,085) | (560,108) |
Effect of change in accounting policy | 105 | ||
Other comprehensive income (loss) before reclassifications, net of taxes | (333,854) | 25,639 | (113,942) |
Reclassifications, net of taxes | 1,377 | (6,664) | |
Other comprehensive income (loss), net of tax | (333,854) | 27,016 | (120,606) |
Less - Other comprehensive income attributable to noncontrolling interests | 20,668 | 2,432 | 1,629 |
Equity transaction with noncontrolling interests and other | 3,432 | ||
Balances | (959,286) | (649,532) | (679,085) |
Unrealized gains (losses) on securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | (1,252) | 1,329,584 | 1,426,003 |
Effect of change in accounting policy | (1,309,725) | ||
Other comprehensive income (loss) before reclassifications, net of taxes | 113,978 | (6,139) | (72,501) |
Reclassifications, net of taxes | 4,385 | (15,026) | (22,058) |
Other comprehensive income (loss), net of tax | 118,363 | (21,165) | (94,559) |
Less - Other comprehensive income attributable to noncontrolling interests | 40 | 54 | (2,022) |
Equity transaction with noncontrolling interests and other | (124) | 162 | |
Balances | 117,027 | (1,252) | 1,329,584 |
Pension liability adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | (265,866) | (214,800) | (224,973) |
Other comprehensive income (loss) before reclassifications, net of taxes | (66,203) | (62,288) | 15,814 |
Reclassifications, net of taxes | 6,007 | 7,452 | 6,501 |
Other comprehensive income (loss), net of tax | (60,196) | (54,836) | 22,315 |
Less - Other comprehensive income attributable to noncontrolling interests | (440) | 3,770 | (580) |
Equity transaction with noncontrolling interests and other | 2,488 | (11,562) | |
Balances | (324,014) | (265,866) | (214,800) |
Accumulated other comprehensive income (loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | (916,650) | 435,699 | 640,922 |
Effect of change in accounting policy | (1,309,620) | ||
Equity transaction with noncontrolling interests and other | 5,796 | (11,400) | |
Balances | ¥ (1,166,273) | ¥ (916,650) | ¥ 435,699 |
Net revenues |
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Net revenues | 26. Net revenues (1) Summary by business segments and products The table below shows Toyota’s net revenues from external customers by business and by product category.
The majority of sales of products are revenues recognized from contracts with customers based on ASC 606 “Revenue from Contracts with C ustomers,” and receivables related to such revenues are recognized as “Trade accounts and notes receivable, less allowance for doubtful accounts.” For the year ended March 31, 2019 and 2020, ¥84,230 million and ¥85,192 million of financial service revenues were accounted for under ASC 606 “Revenue from Contracts with C ustomers.”The breakdown of income from leases included in financial service revenues is as follows;
(2) Contract liabilities Contract liabilities consist of the following:
Contract liabilities are mainly related to advances received from customers. On the consolidated financial statements, contract liabilities are included in “Other current liabilities” or “Other long-term liabilities. ” For the year ended March 31,2019 and 2020, the amount of revenue recognized which were included in the contract liability balance as of April 1, 2018 and 2019 were ¥336,206 million and ¥366,655 million. (3) Performance obligations As of March 31, 2020, which is the end of the reporting period, the aggregate amount of transaction price s allocated to unsatisfied performance obligations related to contracts that have original expected durations in excess of one year was ¥589,844 million. The main contents of unsatisfied performance obligations related to contracts are insurance revenues and maintenance revenues. For insurance revenues, Toyota receives payment agreed upon in the contract at the inception of the contract, and revenue is recognized over the term of the contract, which ranges from 3 to 120 months. As of March 31, 2020, the unsatisfied performance obligations related to insurance revenues was ¥223,754 million, and Toyota expects to recognize as revenue ¥65,168 million in fiscal 2021 , and ¥158,586 million thereafter. For maintenance revenues, Toyota receives payment agreed upon in the contract at the inception of the contract, and revenue is recognized over the term of the contract, which ranges from 18 to 84 months. Unsatisfied performance obligations for sales of products related to contracts that have an original expected duration of one year or less have been excluded from this disclosure. |
Class Shares (Additional Information Regarding Model AA Class Shares) (Parenthetical) (Detail) - Model AA Class Shares |
Jul. 24, 2015 |
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If the record date falls in the fiscal year ending on March 31, 2016 | |
Class of Stock [Line Items] | |
Dividends rate | 0.50% |
If the record date falls in the fiscal year ending on March 31, 2017 through March 31, 2020 | |
Class of Stock [Line Items] | |
Dividends rate | 0.50% |
If the record date falls in the fiscal year ending on March 31, 2021 or later | |
Class of Stock [Line Items] | |
Dividends rate | 2.50% |
Summary of significant accounting policies (Policies) |
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Basis of consolidation and accounting for investments in affiliated companies | Basis of consolidation and accounting for investments in affiliated companies - The consolidated financial statements include the accounts of the parent company, its majority-owned subsidiary companies and variable interest entities of which Toyota is the primary beneficiary. All significant intercompany transactions and accounts have been eliminated. Investments in affiliated companies in which Toyota exercises significant influence, but which it does not control, are stated at cost plus equity in undistributed earnings. Consolidated net income includes Toyota’s equity in current earnings of such companies, after elimination of unrealized intercompany profits. Investments in such companies are reduced to fair value if a decline in market value is determined other-than-temporary. |
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Estimates | Estimates - The preparation of Toyota’s consolidated financial statements in conformity with U.S.GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The more significant estimates include: product warranties, liabilities accrued for recalls and other safety measures, allowance for doubtful accounts and credit losses, residual values for leased assets, impairment of long-lived assets, pension costs and obligations, fair value of derivative financial instruments, other-than-temporary losses on debt securities, litigation liabilities and valuation allowance for deferred tax assets. |
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Translation of foreign currencies | Translation of foreign currencies - All asset and liability accounts of foreign subsidiaries and affiliated companies are translated into Japanese yen at appropriate year-end current exchange rates and all income and expense accounts of those subsidiaries are translated at the average exchange rates for each period. The foreign currency translation adjustments are included as a component of accumulated other comprehensive income.Foreign currency receivables and payables are translated at appropriate
year-end current exchange rates and the resulting transaction gains or losses are recorded in operations currently. |
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Revenue recognition | Revenue recognition - In the automotive operations, performance obligations are considered to be satisfied when completed vehicles and parts are delivered to the agreed locations with dealers. For parts for overseas production, it is when they are loaded on a ship to foreign manufacturing companies. We do not have any material significant payment terms as payment is received at or shortly after the point of sale. Toyota’s sales incentive programs principally consist of cash payments to dealers calculated based on vehicle volume or a model sold by a dealer during a certain period of time. Toyota accrues these incentives as revenue reductions upon the sale of a vehicle corresponding to the program by the amount determined in the related incentive program utilizing the most likely outcome method. The sale of certain vehicles includes a contractual right, which entitles customers to free vehicle maintenance. We use an observable price to determine the stand-alone selling price for separate performance obligations or a cost plus margin approach when one is not available. Such revenues from free maintenance contracts are deferred and recognized as revenue over the period of the contract in proportion to the costs expected to be incurred in satisfying the obligations under the contract. Revenues from the sales of vehicles under which Toyota conditionally guarantees the minimum resale value are recognized on a pro rata basis from the date of sale to the first exercise date of the guarantee in accordance with lease accounting. The underlying vehicles of these transactions are recorded as assets and are depreciated in accordance with Toyota’s depreciation policy. We have elected to recognize the cost of transport service activities after the customer gains control as expenses at the time that control of products transfers. Revenues from retail financing contracts and finance leases are recognized using the effective yield method. Revenues from operating leases are recognized on a straight-line basis over the lease term. All other operations business of Toyota includes the design, manufacture and sales of housing. Certain revenues from the housing business, such as those of ordered housing are recognized only to the extent of the costs incurred until such time that it can reasonably measure the outcome of the performance obligation. If the period between satisfaction of the performance obligation and receipt of consideration is expected to be within one year or less, as a practical expedient, we do not adjust the promised amount of consideration for the effects of a significant financing component. Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental authorities. |
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Other costs | Other costs - Advertising and sales promotion costs are expensed as incurred. Advertising costs were ¥509,653 million, ¥490,093 million and ¥470,849 million for the years ended March 31, 2018, 2019 and 2020, respectively. Toyota generally warrants its products against certain manufacturing and other defects. Provisions for product warranties are provided for specific periods of time and/or usage of the product and vary depending upon the nature of the product, the geographic location of the sale and other factors. Toyota records a provision for estimated product warranty costs at the time the related sale is recognized based on estimates that Toyota will incur to repair or replace product parts that fail while under warranty. The amount of accrued estimated warranty costs is primarily based on historical experience as to product failures as well as current information on repair costs. The amount of warranty costs accrued also contains an estimate of warranty claim recoveries to be received from suppliers. In addition to product warranties above, Toyota accrues for costs of recalls and other safety measures based on management’s estimates when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Toyota mainly employs an estimation model, to accrue at the time of vehicle sale, an amount that represents management’s best estimate of expenses related to future recalls and other safety measures. The estimation model for recalls and other safety measures takes into account Toyota’s historical experience of recalls and other safety measures. Litigation liabilities are established to cover probable losses on various lawsuits based on the information currently available. Attorneys’ fees are expensed as incurred. Research and development costs are expensed as incurred. Research and development costs were ¥1,064,269 million, ¥1,048,882 million and ¥1,110,369 million for the years ended March 31, 2018, 2019 and 2020, respectively. |
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Restricted cash and cash equivalents | Restricted cash and cash equivalents- Cash and cash equivalents include all highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of cash and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates. |
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Marketable securities and other securities investments | Marketable securities and other securities investments - Marketable securities and other securities investments consist of debt and equity securities. Debt securities designated as available-for-sale are carried at fair value and the difference between fair value and acquisition cost is reflected as a component of accumulated other comprehensive income in shareholders’ equity, net of applicable taxes. Individual securities classified as available-for-sale are reduced to fair value for other-than-temporary declines in market value. In determining if a decline in value is other-than-temporary, Toyota considers the length of time during and the extent to which the fair value has been less than the carrying value, the financial condition and prospects of the entity issuing such securities and Toyota’s ability and intent to retain its investment in the entity for a period of time sufficient to allow for any anticipated recovery in market value. Realized gains and losses, which are determined based on the average-cost method, are reflected in the consolidated statements of income when realized.Changes in fair value on equity securities with readily determinable fair values are recognized in net income. Equity securities without readily determinable fair values are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. |
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Finance receivables | Finance receivables - Finance receivables recorded on Toyota’s consolidated balance sheets are comprised of the unpaid principal balance, plus accrued interest, less charge-offs, net of any unearned income and deferred origination costs and the allowance for credit losses. Deferred origination costs are amortized so as to approximate a level rate of return over the term of the related contracts. The determination of portfolio segments is based primarily on the qualitative consideration of the nature of Toyota’s business operations and finance receivables. The three portfolio segments within finance receivables are as follows: Retail receivables portfolio segment - The retail receivables portfolio segment consists of retail installment sales contracts acquired mainly from dealers (“auto loans”) including credit card loans. These contracts acquired must first meet specified credit standards. Thereafter, Toyota retains responsibility for contract collection and administration. The contract periods of auto loans primarily range from 2 to 7 years. Toyota acquires security interests in the vehicles financed and has the right to repossess vehicles if customers fail to meet their contractual obligations. Almost all auto loans are non-recourse, which relieves the dealers from financial responsibility in the event of repossession.Toyota classifies retail receivables portfolio segment into one class based on common risk characteristics associated with the underlying finance receivables, the similarity of the credit risks, and the quantitative materiality. Finance lease receivables portfolio segment - Toyota acquires new vehicle lease contracts originated primarily through dealers. The contract periods of these primarily range from 2 to 5 years. Lease contracts acquired must first meet specified credit standards after which Toyota assumes ownership of the leased vehicle. Toyota is responsible for contract collection and administration during the lease period. Toyota is generally permitted to take possession of the vehicle upon a default by the lessee. The residual value is estimated at the time the vehicle is first leased. Vehicles returned to Toyota at the end of their leases are sold by auction. Toyota classifies finance lease receivables portfolio segment into one class based on common risk characteristics associated with the underlying finance receivables and the similarity of the credit risks Wholesale and other dealer loan receivables portfolio segment - Toyota provides wholesale financing to qualified dealers to finance inventories. Toyota acquires security interests in vehicles financed at wholesale. In cases where additional security interests would be required, Toyota takes dealership assets or personal assets, or both, as additional security. If a dealer defaults, Toyota has the right to liquidate any assets acquired and seek legal remedies. Toyota also makes term loans to dealers for business acquisitions, facilities refurbishment, real estate purchases and working capital requirements. These loans are typically secured with liens on real estate, other dealership assets and/or personal assets of the dealers. Toyota classifies wholesale and other dealer loan receivables portfolio segment into three classes of wholesale, real estate and working capital, based on the risk characteristics associated with the underlying finance receivables. A receivable account balance is considered impaired when, based on current information and events, it is probable that Toyota will be unable to collect all amounts due according to the terms of the contract. Factors such as payment history, compliance with terms and conditions of the underlying loan agreement and other subjective factors related to the financial stability of the borrower are considered when determining whether a loan is impaired. Impaired finance receivables include certain nonaccrual receivables for which a specific reserve has been assessed. An account modified as a troubled debt restructuring is considered to be impaired. A troubled debt restructuring occurs when an account is modified through a concession to a borrower experiencing financial difficulty. All classes of wholesale and other dealer loan receivables portfolio segment are placed on nonaccrual status when full payment of principal or interest is in doubt, or when principal or interest is 90 days or more contractually past due, whichever occurs first. Collateral dependent loans are placed on nonaccrual status if collateral is insufficient to cover principal and interest. Interest accrued but not collected at the date a receivable is placed on nonaccrual status is reversed against interest income. In addition, the amortization of net deferred fees is suspended. Interest income on nonaccrual receivables is recognized only to the extent it is received in cash. Accounts are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured. Receivable balances are written-off against the allowance for credit losses when it is probable that a loss has been realized. Retail receivables class and finance lease receivables class are not placed generally on nonaccrual status when principal or interest is 90 days or more past due. However, these receivables are generally written-off against the allowance for credit losses when payments due are no longer expected to be received or the account is 120 days contractually past due, whichever occurs first.As of March 31, 2019 and 2020, finance receivables on nonaccrual status are as follows:
As of March 31, 2019 and 2020, finance receivables 90 days or more past due and accruing are as follows:
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Allowance for credit losses | Allowance for credit losses - Allowance for credit losses is established to cover probable losses on finance receivables and vehicles and equipment on operating leases, resulting from the inability of customers to make required payments. Provision for credit losses is included in selling, general and administrative expenses. The allowance for credit losses is based on a systematic, ongoing review and evaluation performed as part of the credit-risk evaluation process, historical loss experience, the size and composition of the portfolios, current economic events and conditions, the estimated fair value and adequacy of collateral and other pertinent factors. Vehicles and equipment on operating leases are not within the scope of accounting guidance governing the disclosure of portfolio segments. Retail receivables portfolio segment - Toyota calculates allowance for credit losses to cover probable losses on retail receivables by applying reserve rates to such receivables. Reserve rates are calculated mainly by historical loss experience, current economic events and conditions and other pertinent factors. Finance lease receivables portfolio segment - Toyota calculates allowance for credit losses to cover probable losses on finance lease receivables by applying reserve rates to such receivables. Reserve rates are calculated mainly by historical loss experience, current economic events and conditions and other pertinent factors such as used car markets. Wholesale and other dealer loan receivables portfolio segment - Toyota calculates allowance for credit losses to cover probable losses on wholesale and other dealer loan receivables by applying reserve rates to such receivables. Reserve rates are calculated mainly by financial conditions of the dealers, terms of collateral setting, current economic events and conditions and other pertinent factors. Toyota establishes specific reserves to cover the estimated losses on individually impaired receivables within the wholesale and other dealer loan receivables portfolio segment. Specific reserves on impaired receivables are determined by the present value of expected future cash flows or the fair value of collateral when it is probable that such receivables will be unable to be fully collected. The fair value of the underlying collateral is used if the receivable is collateral-dependent. The receivable is determined collateral-dependent if the repayment of the loan is expected to be provided by the underlying collateral. For the receivables in which the fair value of the underlying collateral was in excess of the outstanding balance, no allowance was provided. Troubled debt restructurings in the retail receivables and finance lease receivables portfolio segments are specifically identified as impaired and aggregated with their respective portfolio segments when determining the allowance for credit losses. Impaired loans in the retail receivables and finance lease receivables portfolio segments are insignificant for individual evaluation and Toyota has determined that allowance for credit losses for each of the retail receivables and finance lease receivables portfolio segments would not be materially different if they had been individually evaluated for impairment. Specific reserves on impaired receivables within the wholesale and other dealer loan receivables portfolio segment are recorded by an increase to the allowance for credit losses based on the related measurement of impairment. Related collateral, if recoverable, is repossessed and sold and the account balance is written-off. Any shortfall between proceeds received and the carrying cost of repossessed collateral is charged to the allowance. Recoveries are reversed from the allowance for credit losses. |
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Allowance for residual value losses | Allowance for residual value losses - Toyota is exposed to risk of loss on the disposition of off-lease vehicles to the extent that sales proceeds are not sufficient to cover the carrying value of the leased asset at lease termination. Toyota maintains an allowance to cover probable estimated losses related to unguaranteed residual values on its owned portfolio. The allowance is evaluated considering projected vehicle return rates and projected loss severity. Factors considered in the determination of projected return rates and loss severity include historical and market information on used vehicle sales, trends in lease returns and new car markets, and general economic conditions. Management evaluates the foregoing factors, develops several potential loss scenarios, and reviews allowance levels to determine whether reserves are considered adequate to cover the probable range of losses.The allowance for residual value losses is maintained in amounts considered by Toyota to be appropriate in relation to the estimated losses on its owned portfolio. Upon disposal of the assets, the allowance for residual losses is adjusted for the difference between the net book value and the proceeds from sale.
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Inventories | Inventories - Inventories are valued at cost, not in excess of net realizable value, cost being determined on the “average-cost” basis, except for the cost of finished products carried by certain subsidiary companies which is determined on the “specific identification” basis or
“last-in, first-out” (“LIFO”) basis. Inventories valued on the LIFO basis totaled ¥470,208 million and ¥291,639 million at March 31, 2019 and 2020, respectively. Had the “first-in, first-out” basis been used for those companies using the LIFO basis, inventories would have been ¥25,302 million and ¥21,194 million higher than reported at March 31, 2019 and 2020, respectively. |
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Property, plant and equipment | Property, plant and equipment - Property, plant and equipment are stated at cost. Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to current operations. Depreciation of property, plant and equipment is computed on the straight-line method Vehicles and equipment on operating leases to third parties are originated by dealers and acquired by certain consolidated subsidiaries. Such subsidiaries are also the lessors of certain property that they acquire directly. Vehicles and equipment on operating leases are depreciated primarily on a straight-line method over the lease term, generally from 2 to 5 years, to the estimated residual value. Incremental direct costs incurred in connection with the acquisition of operating lease contracts are capitalized and amortized on a straight-line method over the lease term. |
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Leases | Leases - At the inception of a contract Toyota assesses whether the contract is, or contains, a lease. Lessee - Toyota recognizes a right of use asset and a lease liability at the lease commencement date, for finance leases and operating leases. After the commencement date for finance leases, Toyota applies a cost model and subsequently depreciates the right of use asset using the straight-line method from the commencement date to the earlier of the end of the useful life of the right of use asset or the end of the lease term. Operating lease expenses are recognized on a straight-line basis over the lease term after the commencement date. Lease liabilities are measured at amortized cost using the effective interest method. Toyota uses its incremental borrowing rate as of the commencement date as a discount rate to measure lease liabilities. Many lease contracts relating to land and buildings entered by Toyota include extension options that can be exercisable by Toyota for various purposes such as to ensure the business flexibility. Toyota assesses whether it is reasonably certain to exercise an extension option, and if it assesses it to be reasonably certain, the extension option is included in the lease term. Toyota recognizes lease payments associated with lease terms of 12 months or less as an expense on a straight-line basis over the lease term. Lessor - With respect to lessor lease transactions, Toyota determines at the commencement of the lease whether each lease is a finance lease or operating lease. A lease is classified as a finance lease if it transfers substantially all of the risks and rewards incidental to the ownership of an underlying asset. Otherwise leases are classified as operating leases. Toyota recognizes the operating lease payments in profit or loss on a straight-line basis over the lease term. |
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Long-lived assets | Long-lived assets - Toyota reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the carrying value of the asset group over its fair value. Fair value is determined mainly using a discounted cash flow valuation method. |
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Goodwill and intangible assets | Goodwill and intangible assets - Goodwill is not material to Toyota’s consolidated balance sheets. Intangible assets consist mainly of software. Intangible assets with a definite life are amortized on a straight-line basis with estimated useful lives mainly of 5 years. Intangible assets with an indefinite life are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss to be recorded is generally determined by the difference between the fair value of the asset using a discounted cash flow valuation method and the current book value. |
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Employee benefit obligations | Employee benefit obligations - Toyota has both defined benefit and defined contribution plans for employees’ retirement benefits. Retirement benefit obligations are measured by actuarial calculations in accordance with U.S.GAAP. The funded status of the defined benefit postretirement plans is recognized on the consolidated balance sheets as prepaid pension and severance costs or accrued pension and severance costs, and the funded status change is recognized in the year in which it occurs through other comprehensive income. |
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Environmental matters | Environmental matters - Environmental expenditures relating to current operations are expensed or capitalized as appropriate. Expenditures relating to existing conditions caused by past operations, which do not contribute to current or future revenues, are expensed. Liabilities for remediation costs are recorded when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or Toyota’s commitment to a plan of action. The cost of each environmental liability is estimated by using current technology available and various engineering, financial and legal specialists within Toyota based on current law. Such liabilities do not reflect any offset for possible recoveries from insurance companies and are not discounted. There were no material changes in these liabilities for all periods presented. |
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Income taxes | Income taxes - The provision for income taxes is computed based on the pretax income included in the consolidated statements of income. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. |
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Derivative financial instruments | Derivative financial instruments - Toyota employs derivative financial instruments, including forward foreign currency exchange contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements and interest rate options to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. All derivative financial instruments are recorded on the consolidated balance sheets at fair value, taking into consideration the effects of legally enforceable master netting agreements that allow us to net settle positive and negative positions and offset cash collateral held with the same counterparty on a net basis. Toyota does not use derivatives for speculation or trading purposes. Changes in the fair value of derivatives are recorded each period in current earnings or through other comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and the type of hedge transaction. |
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Net income attributable to Toyota Motor Corporation per common share | Net income attributable to Toyota Motor Corporation per common share - Basic net income attributable to Toyota Motor Corporation per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the reported period. The calculation of diluted net income attributable to Toyota Motor Corporation per common share is done by adjusting net income attributable to common shareholders and the weighted-average number of common shares outstanding, which includes the additional dilution from the assumed conversion of model AA class shares and the assumed exercise of dilutive stock options. |
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Stock-based compensation | Stock-based compensation - Toyota measures compensation expense for its stock-based compensation plan based on the grant-date fair value of the award, and accounts for the award. |
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Other comprehensive income | Other comprehensive income - Other comprehensive income refers to revenues, expenses, gains and losses that, under U.S.GAAP are included in comprehensive income, but are excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity. Toyota’s other comprehensive income is primarily comprised of unrealized gains/losses on marketable securities designated as available-for-sale, foreign currency translation adjustments and adjustments attributed to pension liabilities associated with Toyota’s defined benefit pension plans. |
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Accounting changes | Accounting changes - Adoption of new accounting standard - In February 2016, the Financial Accounting Standards Board (“FASB”) issued updated guidance for leases. This guidance requires lessees to recognize substantially all leases on their balance sheet as a right assetand a lease liability. Toyota adopted this guidance on April 1, 2019 using the modified retrospective method of adoption and elected the transition method that allows for application of the standard at the adoption date. Additionally, Toyota elected the package of practical expedients of not reassessing lease classifications and others for lease contracts that expired or exist as of the adoption date. As a result of adoption, Toyota recognized an additional balance of ¥277,118 million as right assets as of March 31, 2020, which is included in “Other” of “Investments and other assets” of Toyota’s consolidated balance sheet. Lease liabilities are included in “Other current liabilities” and “Other long-term liabilities,” and were ¥37,385 million and ¥239,623 million, respectively. See note 23 to the consolidated financial statements for the disclosure by adoption of this guidance. In August 2017, the FASB issued updated guidance for hedge accounting. This guidance simplifies and expands the application of hedge accounting. Toyota adopted this guidance on April 1, 2019. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. |
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Change in depreciation method | Change in depreciation method - Toyota used the declining-balance method mainly for the parent company and Japanese subsidiaries, and the straight-line method for foreign subsidiary companies, regarding the depreciation method of property, plant and equipment. In recent years, Toyota has been strengthening competitiveness globally through the investments in areas such as the remodeling of cars by introducing a new platform and powertrain units, the improvement of technological capabilities and productivity, as well as the promotion of equipment versatility. In response to such recent changes, effective as of April 1, 2019, Toyota changed the depreciation method of the parent company and Japanese subsidiaries to the straight-line method because Toyota believes it better reflects the future economic benefit from the stable usage of property, plant and equipment. The impact of the change in depreciation method is recognized prospectively as a change in accounting estimate in accordance with the FASB Accounting Standards Codification (ASC) 250 “Accounting Changes and Error Corrections”. As a result of the change in depreciation method, depreciation expense for the fiscal year ended March 31, 2020 decreased by ¥ 173,201 million. Net income attributable to Toyota Motor Corporation and basic net income attributable to Toyota Motor Corporation per common share for the fiscal year ended March 31, 2020 increased by ¥ 117,001 million and ¥ 41.80 , respectively. |
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Recent pronouncements to be adopted in future periods | Recent pronouncements to be adopted in future periods - Toyota intends to replace the currently applied U.S.GAAP and voluntarily adopt IFRS for its consolidated financial statements in order to improve the international comparability of its financial information in the capital markets, among other reasons. The period for disclosure based on IFRS will begin with the first quarter of the fiscal year ending March 31, 2021. As a result, recent pronouncements to be adopted in future period s under U.S.GAAP have been excluded from this disclosure. |
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Reclassifications | Reclassifications - Certain prior year amounts have been reclassified to conform to the presentations as of and for the year ended March 31, 2020. |
Income taxes (Components of Deferred Tax Assets and Liabilities) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2017 |
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Deferred tax assets | ||||
Accrued pension and severance costs | ¥ 277,528 | ¥ 256,478 | ||
Accrued expenses and liabilities for quality assurances | 601,108 | 664,950 | ||
Other accrued employees' compensation | 118,961 | 121,024 | ||
Operating loss carryforwards for tax purposes | 55,918 | 364,220 | ||
Allowance for doubtful accounts and credit losses | 73,620 | 69,049 | ||
Property, plant and equipment and other assets | 282,136 | 266,866 | ||
Other | 268,040 | 338,744 | ||
Gross deferred tax assets | 1,677,311 | 2,081,331 | ||
Less - Valuation allowance | (110,642) | (93,599) | ¥ (93,814) | ¥ (146,623) |
Total deferred tax assets | 1,566,669 | 1,987,732 | ||
Deferred tax liabilities | ||||
Unrealized gains on securities, net | (421,846) | (493,052) | ||
Undistributed earnings of foreign subsidiaries | (24,808) | (25,972) | ||
Undistributed earnings of affiliated companies accounted for by the equity method | (952,660) | (836,860) | ||
Basis difference of acquired assets | (29,756) | (29,116) | ||
Lease transactions | (739,911) | (946,128) | ||
Other | (86,072) | (169,583) | ||
Gross deferred tax liabilities | (2,255,053) | (2,500,711) | ||
Net deferred tax liability | (688,384) | (512,979) | ||
Deferred tax assets | ||||
Investments and other assets - Other | 354,785 | 501,872 | ||
Deferred tax liabilities | ||||
Deferred income taxes (Long-term liabilities) | (1,043,169) | (1,014,851) | ||
Net deferred tax liability | ¥ (688,384) | ¥ (512,979) |
Segment data (Segment Operating Results and Assets) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Net revenues | |||
Sales to external customers | ¥ 29,929,992 | ¥ 30,225,681 | ¥ 29,379,510 |
Total net revenues | 29,929,992 | 30,225,681 | 29,379,510 |
Operating expenses | 27,487,123 | 27,758,136 | 26,979,648 |
Operating income | 2,442,869 | 2,467,545 | 2,399,862 |
Assets | 52,680,436 | 51,936,949 | 50,308,249 |
Investment in equity method investees | 4,090,790 | 3,313,703 | 3,162,711 |
Depreciation expenses | 1,605,383 | 1,792,375 | 1,734,033 |
Capital expenditure | 3,603,232 | 3,738,887 | 3,598,707 |
Inter-segment Elimination | |||
Net revenues | |||
Inter-segment sales and transfers | (628,631) | (683,320) | (681,556) |
Total net revenues | (628,631) | (683,320) | (681,556) |
Operating expenses | (630,316) | (683,622) | (683,925) |
Operating income | 1,685 | 302 | 2,369 |
Assets | 7,043,760 | 7,967,602 | 8,019,941 |
Investment in equity method investees | 137,362 | 85,675 | 96,415 |
Capital expenditure | 14,818 | (13,163) | (11,667) |
Automotive | Operating Segments | |||
Net revenues | |||
Sales to external customers | 26,834,485 | 27,034,492 | 26,347,229 |
Inter-segment sales and transfers | 29,029 | 44,585 | 50,711 |
Total net revenues | 26,863,514 | 27,079,077 | 26,397,940 |
Operating expenses | 24,811,168 | 25,040,193 | 24,386,805 |
Operating income | 2,052,346 | 2,038,884 | 2,011,135 |
Assets | 18,754,728 | 17,799,376 | 17,054,209 |
Investment in equity method investees | 3,711,151 | 3,215,856 | 3,054,583 |
Depreciation expenses | 824,777 | 997,312 | 976,735 |
Capital expenditure | 1,454,142 | 1,520,366 | 1,381,122 |
Financial Services | Operating Segments | |||
Net revenues | |||
Sales to external customers | 2,170,243 | 2,120,343 | 1,959,234 |
Inter-segment sales and transfers | 20,316 | 33,204 | 57,774 |
Total net revenues | 2,190,559 | 2,153,547 | 2,017,008 |
Operating expenses | 1,898,376 | 1,830,726 | 1,731,462 |
Operating income | 292,183 | 322,821 | 285,546 |
Assets | 24,858,837 | 24,044,700 | 23,055,981 |
Investment in equity method investees | 61,852 | 12,172 | 11,713 |
Depreciation expenses | 743,710 | 758,847 | 723,061 |
Capital expenditure | 2,062,718 | 2,165,609 | 2,166,805 |
All Other | Operating Segments | |||
Net revenues | |||
Sales to external customers | 925,264 | 1,070,846 | 1,073,047 |
Inter-segment sales and transfers | 579,286 | 605,531 | 573,071 |
Total net revenues | 1,504,550 | 1,676,377 | 1,646,118 |
Operating expenses | 1,407,895 | 1,570,839 | 1,545,306 |
Operating income | 96,655 | 105,538 | 100,812 |
Assets | 2,023,111 | 2,125,271 | 2,178,118 |
Investment in equity method investees | 180,425 | ||
Depreciation expenses | 36,896 | 36,216 | 34,237 |
Capital expenditure | ¥ 71,554 | ¥ 66,075 | ¥ 62,447 |
Lease commitments - (Summary of lease cost) (Detail) ¥ in Millions |
12 Months Ended |
---|---|
Mar. 31, 2020
JPY (¥)
| |
Finance lease expense | |
Amortization of right-of-use asset | ¥ 14,676 |
Interest on lease liabilities | 805 |
Operating lease expense | 80,343 |
Short term lease expense | 44,440 |
Lease payment | ¥ 140,264 |
Stock-based compensation - Additional Information (Detail) - JPY (¥) |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |||
Stock-based compensation expense related to stock options | ¥ 0 | ¥ 0 | ¥ 0 |
Total intrinsic value of stock options exercised | 0 | 618,000,000 | 1,881,000,000 |
Cash received from options exercised | ¥ 0 | ¥ 490,000,000 | ¥ 2,399,000,000 |
Stock options granted in and after August 2006 | |||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |||
Term of options (in years) | 8 years | ||
Exercise price ratio | 1.025% | ||
Vesting period | 2 years |
Stock-based compensation |
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Stock-based compensation |
19. Stock-based compensation: In June 1997, the parent company’s shareholders approved a stock option plan for board members. In June 2001, the shareholders approved an amendment of the plan to include both board members and key employees. Each year until June 2010, since the plans’ inception, the shareholders have approved the authorization for the grant of options for the purchase of the parent company’s common stock. Authorized shares for each year that remain ungranted are unavailable for grant in future years. Stock options granted in and after August 2006 have terms of 8 years and an exercise price equal to 1.025 times the closing price of Toyota’s common stock on the date of grant. These options generally vest 2 years from the date of grant. There were no stock-based compensation expenses for stock options as selling, general and administrative expenses for the years ended March 31, 2018, 2019 and 2020, respectively. The following table summarizes Toyota’s stock option activity:
The total intrinsic value of options exercised for the years ended March 31, 2018 and 2019 was ¥1,881 million and ¥618 million, respectively. There were no stock options exercised for the year ended March 31, 2020 . Cash received from the exercise of stock options for the years ended March 31, 2018 and 2019 was ¥2,399 million and ¥490 million, respectively.There were no cash proceeds from stock options exercised for the year ended March 31, 2020. |
Employee benefit plans (Amounts Recognized in Accumulated Other Comprehensive Income (Loss)) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Japan | ||
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net actuarial loss | ¥ (383,485) | ¥ (339,814) |
Prior service costs | 21,538 | 29,801 |
Net transition obligation | 0 | 0 |
Net amount recognized | (361,947) | (310,013) |
Foreign Plans | ||
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net actuarial loss | (116,171) | (91,072) |
Prior service costs | (5,352) | (1,612) |
Net transition obligation | 0 | 0 |
Net amount recognized | ¥ (121,523) | ¥ (92,684) |
Income taxes |
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Income taxes | 15. Income taxes: The components of income before income taxes comprise the following:
Net deferred liabilities as of March 31, 201 8 decreased by ¥218,323 million and provision for income taxes for the year ended March 31, 2018 decreased by ¥249,694 million, respectively, resulting from the Tax Cuts and Jobs Act of 2017 of the United States. Toyota is subject to a number of different income taxes which, in the aggregate, indicate a statutory rate in Japan of approximately 31.1%, 30.9% and 30.9% for the years ended March 31, 2018, 2019 and 2020, respectively. The statutory tax rates in effect for the year in which the temporary differences are expected to reverse are used to calculate the tax effects of temporary differences which are expected to reverse in the future years. Reconciliation of the differences between the statutory tax rate and the effective income tax rate is as follows:
Significant components of deferred tax a ss ets and liabilities are as follows:
The deferred tax assets and liabilities above that comprise the net deferred tax liability are included in the consolidated balance sheets as follows:
The factors used to assess the likelihood of realization of the deferred tax assets are the future reversal of existing taxable temporary differences, the future taxable income and available tax planning strategies that are prudent and feasible. All available evidence, both positive and negative, is considered to determine whether, based on the weight of that evidence, a valuation allowance is needed for deferred tax assets which are not more- likely-than-not to be realized.The accounting for deferred tax assets represents Toyota’s current best estimate based on all available evidence. Unanticipated events or changes could result in re-evaluating the realizability of deferred tax assets.Operating loss carryforwards for tax purposes as of March 31, 2020 in Japan and foreign countries were ¥18,776 million and ¥402,628 million, respectively, and are available as an offset against future taxable income. The majority of these carryforwards in Japan and foreign countries expire in years 2021 to 2030 and expire in years 2021 to 2040, respectively. Tax credit carryforwards as of March 31, 2020 in Japan and foreign countries were ¥4,579 million and ¥67,098 million, respectively, and the majority of these carryforwards in Japan and foreign countries expire in years 2021 to 2023 and expire in years 2021 to 2040, respectively. The valuation allowance mainly relates to deferred tax assets of operating loss and foreign tax credit carryforwards for tax purposes that are not
more-likely-than-not to be realized. The net changes in the total valuation allowance for deferred tax assets for the years ended March 31, 2018, 2019 and 2020 consist of the following:
“Other” includes the impact of consolidation and deconsolidation of certain entities due to changes in ownership interest and currency translation adjustments during the years ended March 31, 2018, 2019 and 2020. Because management intends to reinvest undistributed earnings of foreign subsidiaries to the extent not expected to be remitted in the foreseeable future, management has made no provision for income taxes on those undistributed earnings aggregating ¥4,205,058 million as of March 31, 2020. Toyota estimates an additional tax provision of ¥152,190 million would be required if the full amount of those undistributed earnings were remitted. A summary of the gross unrecognized tax benefits changes for the years ended March 31, 2018, 2019 and 2020 is as follows:
The amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was not material at March 31, 2018, 2019 and 2020, respectively. Toyota does not believe it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months. Interest and penalties related to income tax liabilities are included in “Other income (loss), net”. The amounts of interest and penalties accrued as of and recognized for the years ended March 31, 2018, 2019 and 2020, were not material. Toyota remains subject to income tax examination for the tax returns related to the years beginning on and after April 1, 2013 and April 1, 2002, with various tax jurisdictions in Japan and foreign countries, respectively. |
Employee benefit plans (Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Japan | |||
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net actuarial gain (loss) | ¥ (59,714) | ¥ (102,734) | ¥ 39,852 |
Recognized net actuarial loss | 8,356 | 6,927 | 7,462 |
Prior service costs | 988 | 1,067 | 58 |
Amortization of prior service costs | (4,346) | (3,904) | (4,226) |
Amortization of net transition obligation | 0 | 0 | 0 |
Other | 2,782 | 4,610 | (7,979) |
Total recognized in other comprehensive income (loss) | (51,934) | (94,034) | 35,167 |
Foreign Plans | |||
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net actuarial gain (loss) | (26,717) | 13,952 | (17,163) |
Recognized net actuarial loss | 4,255 | 7,102 | 5,452 |
Prior service costs | (3,308) | (13) | 12 |
Amortization of prior service costs | 142 | 219 | 313 |
Amortization of net transition obligation | 0 | 0 | 0 |
Other | (3,211) | 7,289 | 9,004 |
Total recognized in other comprehensive income (loss) | ¥ (28,839) | ¥ 28,549 | ¥ (2,382) |
Affiliated companies and variable interest entities |
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Affiliated companies and variable interest entities | 11. Affiliated companies and variable interest entities: Investments in and transactions with affiliated companies - Summarized financial information for affiliated companies accounted for by the equity method is shown below:
Entities comprising a significant portion of Toyota’s investment in affiliated companies and percentage of ownership are presented below:
Certain affiliated companies accounted for by the equity method with carrying amounts of ¥2,430,251 million and ¥2,895,656 million at March 31, 2019 and 2020, respectively, were quoted on various established markets at an aggregate value of ¥2,513,886 million and ¥2,247,107 million, respectively. Toyota evaluated its investments in affiliated companies, considering the length of time and the extent to which the quoted market prices have been less than the carrying amounts, the financial condition and near-term prospects of the affiliated companies and Toyota’s ability and intent to retain those investments in the companies for a period of time. Toyota did not recognize any impairment loss for the years ended March 31, 2018, 2019 and 2020. Account balances and transactions with affiliated companies are presented below:
Dividends from affiliated companies accounted for by the equity method for the years ended March 31, 2018, 2019 and 2020 were ¥196,403 million, ¥204,322 million and ¥208,950 million, respectively. Toyota does not have any significant related party transactions other than transactions with affiliated companies in the ordinary course of business. Variable Interest Entities - Toyota enters into securitization transactions using special-purpose entities, that are considered variable interest entities (“VIEs”). Although the finance receivables and vehicles on operating leases related to securitization transactions have been legally sold to the VIEs, Toyota has both the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance and the obligation to absorb losses of the VIEs or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. As a result, Toyota is considered the primary beneficiary of the VIEs and therefore consolidates the VIEs. Related to securitization transactions, ¥1,872,564 million and ¥1,906,256 million retail finance receivables, ¥609,694 million and ¥621,633 million vehicles on operating leases, ¥131,804 million and ¥140,750 million restricted cash and ¥1,893,073 million and ¥1,979,563 million secured debt were included in Toyota’s consolidated financial statements as of March 31, 2019 and 2020, respectively. The creditors of the VIEs do not have recourse to Toyota’s general credit with the exception of debts guaranteed by Toyota. Risks to which Toyota is exposed including credit, interest rate, and/or prepayment risks are not incremental compared with the situation before Toyota enters into securitization transactions . Toyota has variable interests in investment trusts that are VIEs and debt securities issued by a VIE. With respect to some of the investment trusts, Toyota has both the obligation to absorb losses of or the right to receive benefits from the VIEs that could potentially be significant to the VIEs and the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance through the asset manager. As a result, Toyota is considered the primary beneficiary of the VIEs and therefore consolidates the VIEs. Related to such investment trusts, ¥2,790,679 million and ¥2,767,681 million marketable securities and other securities investments were included in Toyota’s consolidated financial statements as of March 31, 2019 and 2020. As for other VIEs, Toyota determined that it was not the primary beneficiary due to lack of the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance and, therefore, does not consolidate the VIEs. The investments are held at fair value and are included in “Marketable securities and other securities investments” in the accompanying consolidated balance sheets. The maximum exposure to loss is limited to the carrying value of its investment. The carrying value of the trusts totaled ¥22,001 million and ¥16,622 million as of March 31, 2019 and 2020, respectively. The carrying value of the debt securities totaled ¥351,945 million and ¥748,131 million as of March 31, 2019 and 2020, respectively. Toyota does not provide support that is not contractually required to the investments. As for VIEs other than those specified above, neither the aggregate size nor Toyota’s involvements are material to Toyota’s consolidated financial statements. |
Marketable securities and other securities investments (Tables) |
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Aggregate Cost, Gross Unrealized Gains and Losses and Fair Value of Marketable Securities and Other Securities Investments | Marketable securities and other securities investments include public and corporate bonds and common stocks for which the aggregate cost, gross unrealized gains and losses and fair value are as follows:
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Gains and Losses Related to Equity Securities | Gain and losses related to equity securities are as follows:
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Allowance for doubtful accounts and credit losses (Tables) |
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Allowance for Doubtful Accounts Relating to Trade Accounts and Notes Receivable | The net changes in the allowance for doubtful accounts relating to trade accounts and notes receivable for the years ended March 31, 2018, 2019 and 2020 are as follows:
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Allowance for Credit Losses Relating to Finance Receivables and Vehicles and Equipment on Operating Leases | The net changes in the allowance for credit losses relating to finance receivables and vehicles and equipment on operating leases for the years ended March 31, 2018, 2019 and 2020 are as follows:
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Allowance for Credit Losses Relating to Retail Receivables, Finance Lease Receivables and Wholesale and Other Dealer Loan Receivables Portfolio Segments | The net changes in the allowance for credit losses above relating to retail receivables portfolio segment, finance lease receivables portfolio segment and wholesale and other dealer loan receivables portfolio segment for the years ended March 31, 2018, 2019 and 2020 are as follows:
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Income taxes (Tables) |
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Components of Income Before Income Taxes | The components of income before income taxes comprise the following:
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Provision for Income Taxes |
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Reconciliation of Differences Between Statutory Tax Rate and Effective Income Tax Rate | Reconciliation of the differences between the statutory tax rate and the effective income tax rate is as follows:
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Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax a ss ets and liabilities are as follows:
The deferred tax assets and liabilities above that comprise the net deferred tax liability are included in the consolidated balance sheets as follows:
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Net Changes in Total Valuation Allowance for Deferred Tax Assets | The net changes in the total valuation allowance for deferred tax assets for the years ended March 31, 2018, 2019 and 2020 consist of the following:
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Summary of Gross Unrecognized Tax Benefits Changes | A summary of the gross unrecognized tax benefits changes for the years ended March 31, 2018, 2019 and 2020 is as follows:
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Income taxes (Components of Income Before Income Taxes) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
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Income before income taxes: | |||
Parent company and domestic subsidiaries | ¥ 1,704,397 | ¥ 1,552,975 | ¥ 1,880,971 |
Foreign subsidiaries | 850,210 | 732,490 | 739,458 |
Income before income taxes and equity in earnings of affiliated companies | ¥ 2,554,607 | ¥ 2,285,465 | ¥ 2,620,429 |
Marketable securities and other securities investments (Aggregate Cost, Gross Unrealized Gains and Losses and Fair Value of Marketable Securities and Other Securities Investments) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Gain (Loss) on Securities [Line Items] | ||
Cost | ¥ 5,550,145 | ¥ 6,126,708 |
Gross unrealized gains | 205,911 | 87,428 |
Gross unrealized losses | 25,508 | 74,101 |
Fair value | 5,730,548 | 6,140,035 |
Public and Corporate Bonds | ||
Gain (Loss) on Securities [Line Items] | ||
Cost | 5,237,131 | 5,837,423 |
Gross unrealized gains | 196,260 | 82,022 |
Gross unrealized losses | 22,092 | 73,256 |
Fair value | 5,411,299 | 5,846,189 |
Other | ||
Gain (Loss) on Securities [Line Items] | ||
Cost | 313,014 | 289,285 |
Gross unrealized gains | 9,651 | 5,406 |
Gross unrealized losses | 3,416 | 845 |
Fair value | 319,249 | 293,846 |
Securities Not Practicable to Determine Fair Value [Member] | Public and Corporate Bonds | ||
Gain (Loss) on Securities [Line Items] | ||
Cost | ¥ 36,551 | ¥ 32,922 |
Summary of significant accounting policies - Additional Information (Detail) - JPY (¥) |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
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Significant Accounting Policies [Line Items] | |||
Advertising costs | ¥ 470,849,000,000 | ¥ 490,093,000,000 | ¥ 509,653,000,000 |
Research and development costs | 1,110,369,000,000 | 1,048,882,000,000 | ¥ 1,064,269,000,000 |
Inventories, LIFO basis | 291,639,000,000 | 470,208,000,000 | |
Inventory increase had LIFO been replaced by FIFO basis | ¥ 21,194,000,000 | ¥ 25,302,000,000 | |
Intangible assets with a definite life, estimated useful lives | 5 years | ||
Change in Accounting Method Accounted for as Change in Estimate [Member] | |||
Significant Accounting Policies [Line Items] | |||
Decrease in depreciation expense due to change in method | ¥ 173,201,000,000 | ||
Increase in net income | 117,001,000,000 | ||
Basic net income attributable to toyota motor corporation per common share | 41.80 | ||
Investments And Other Assets [Member] | |||
Significant Accounting Policies [Line Items] | |||
Additions to right-of-use assets | 277,118,000,000 | ||
Other Current Liabilities [Member] | |||
Significant Accounting Policies [Line Items] | |||
Current lease liabilities | 37,385,000,000 | ||
Other Long Term Liabilities [Member] | |||
Significant Accounting Policies [Line Items] | |||
Non-current lease liabilities | ¥ 239,623,000,000 | ||
Building | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives | 2 years | ||
Building | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives | 65 years | ||
Machinery and equipment | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives | 2 years | ||
Machinery and equipment | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives | 20 years | ||
Assets Leased to Others | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives | 2 years | ||
Assets Leased to Others | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives | 5 years | ||
Retail Receivables Portfolio Segment | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Contract period | 2 years | ||
Retail Receivables Portfolio Segment | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Contract period | 7 years | ||
Finance Lease Receivables Portfolio Segment | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Contract period | 2 years | ||
Finance Lease Receivables Portfolio Segment | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Contract period | 5 years |
Short-term borrowings and long-term debt (Long-term Debt) (Parenthetical) (Detail) |
12 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
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Long-term Finance Lease Obligations | Minimum | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest rate | 0.01% | 0.12% |
Long-term Finance Lease Obligations | Maximum | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest rate | 14.73% | 14.73% |
Range Start | Long-term Finance Lease Obligations | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2020 | 2019 |
Range End | Long-term Finance Lease Obligations | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2049 | 2035 |
Bank Loan Obligations | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 2.37% | 2.78% |
Bank Loan Obligations | Range Start | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2020 | 2019 |
Bank Loan Obligations | Range End | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2041 | 2041 |
Finance Receivables Securitization | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 1.98% | 2.47% |
Finance Receivables Securitization | Range Start | Secured Debt | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2020 | 2019 |
Finance Receivables Securitization | Range End | Secured Debt | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2034 | 2026 |
Consolidated Subsidiaries | Medium-term Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 2.05% | 2.46% |
Consolidated Subsidiaries | Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 1.70% | 2.12% |
Consolidated Subsidiaries | Secured Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 7.52% | 7.78% |
Consolidated Subsidiaries | Range Start | Medium-term Notes | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2020 | 2019 |
Consolidated Subsidiaries | Range Start | Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2020 | 2019 |
Consolidated Subsidiaries | Range Start | Secured Notes | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2020 | 2019 |
Consolidated Subsidiaries | Range End | Medium-term Notes | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2048 | 2048 |
Consolidated Subsidiaries | Range End | Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2031 | 2031 |
Consolidated Subsidiaries | Range End | Secured Notes | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2023 | 2022 |
Parent Company | Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 1.85% | 1.84% |
Parent Company | Range Start | Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2020 | 2019 |
Parent Company | Range End | Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2037 | 2037 |
Segment data (Geographic Information) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Net revenues | |||
Sales to external customers | ¥ 29,929,992 | ¥ 30,225,681 | ¥ 29,379,510 |
Total net revenues | 29,929,992 | 30,225,681 | 29,379,510 |
Operating expenses | 27,487,123 | 27,758,136 | 26,979,648 |
Operating income (loss) | 2,442,869 | 2,467,545 | 2,399,862 |
Assets | 52,680,436 | 51,936,949 | 50,308,249 |
Long-lived assets | 10,601,525 | 10,685,494 | 10,267,673 |
Long-lived assets, include operating lease right-of-use assets | 10,878,643 | ||
Geography Eliminations | |||
Net revenues | |||
Inter-segment sales and transfers | (7,982,313) | (8,302,252) | (8,006,406) |
Total net revenues | (7,982,313) | (8,302,252) | (8,006,406) |
Operating expenses | (7,974,307) | (8,290,140) | (7,986,563) |
Operating income (loss) | (8,006) | (12,112) | (19,843) |
Assets | 4,878,678 | 5,902,470 | 6,348,099 |
Japan | Reportable Geographical Components | |||
Net revenues | |||
Sales to external customers | 9,522,905 | 9,520,148 | 9,273,672 |
Inter-segment sales and transfers | 6,938,616 | 7,105,213 | 6,751,172 |
Total net revenues | 16,461,521 | 16,625,361 | 16,024,844 |
Operating expenses | 14,893,543 | 14,933,686 | 14,364,926 |
Operating income (loss) | 1,567,978 | 1,691,675 | 1,659,918 |
Assets | 17,517,032 | 16,465,702 | 15,797,024 |
Long-lived assets | 3,607,843 | 3,511,663 | |
Long-lived assets, include operating lease right-of-use assets | 3,880,118 | ||
North America | Reportable Geographical Components | |||
Net revenues | |||
Sales to external customers | 10,416,582 | 10,585,934 | 10,347,266 |
Inter-segment sales and transfers | 222,166 | 231,313 | 227,144 |
Total net revenues | 10,638,748 | 10,817,247 | 10,574,410 |
Operating expenses | 10,368,119 | 10,702,732 | 10,435,511 |
Operating income (loss) | 270,629 | 114,515 | 138,899 |
Assets | 18,012,336 | 17,452,216 | 16,936,704 |
Long-lived assets | 5,469,262 | 5,179,139 | |
Long-lived assets, include operating lease right-of-use assets | 5,374,456 | ||
Europe | Reportable Geographical Components | |||
Net revenues | |||
Sales to external customers | 3,138,755 | 3,055,654 | 2,940,243 |
Inter-segment sales and transfers | 222,123 | 183,197 | 244,981 |
Total net revenues | 3,360,878 | 3,238,851 | 3,185,224 |
Operating expenses | 3,210,333 | 3,113,983 | 3,110,198 |
Operating income (loss) | 150,545 | 124,868 | 75,026 |
Assets | 4,192,858 | 3,872,301 | 3,346,179 |
Long-lived assets | 453,921 | 359,355 | |
Long-lived assets, include operating lease right-of-use assets | 561,371 | ||
Asia | Reportable Geographical Components | |||
Net revenues | |||
Sales to external customers | 4,828,635 | 4,832,392 | 4,497,374 |
Inter-segment sales and transfers | 510,021 | 680,639 | 650,765 |
Total net revenues | 5,338,656 | 5,513,031 | 5,148,139 |
Operating expenses | 4,967,657 | 5,055,542 | 4,714,940 |
Operating income (loss) | 370,999 | 457,489 | 433,199 |
Assets | 5,241,588 | 5,176,990 | 4,893,582 |
Long-lived assets | 729,494 | 797,435 | |
Long-lived assets, include operating lease right-of-use assets | 668,252 | ||
Other Countries | Reportable Geographical Components | |||
Net revenues | |||
Sales to external customers | 2,023,115 | 2,231,553 | 2,320,955 |
Inter-segment sales and transfers | 89,387 | 101,890 | 132,344 |
Total net revenues | 2,112,502 | 2,333,443 | 2,453,299 |
Operating expenses | 2,021,778 | 2,242,333 | 2,340,636 |
Operating income (loss) | 90,724 | 91,110 | 112,663 |
Assets | 2,837,944 | 3,067,270 | 2,986,661 |
Long-lived assets | ¥ 424,974 | ¥ 420,081 | |
Long-lived assets, include operating lease right-of-use assets | ¥ 394,446 |
Lease commitments - (Summary of Other supplementary information) (Detail) ¥ in Millions |
12 Months Ended |
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Mar. 31, 2020
JPY (¥)
| |
Cash paid for amounts included in the measurement of finance lease liabilities | |
Cash flow from operating activities | ¥ 805 |
Cash flow from financing activities | 5,860 |
Cash paid for amounts included in the measurement of operating lease liabilities | |
Cash flow from operating activities | 80,101 |
Finance lease | 47,082 |
Operating lease | ¥ 105,913 |
Finance lease years | 5 years 7 months 6 days |
Operating lease years | 8 years 4 months 24 days |
Finance lease discount rate | 4.23% |
Operating lease discount rate | 2.13% |
Class Shares |
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Class Shares | 16. Class Shares: TMC issued First Series Model AA Class Shares (the “Model AA Class Shares”) on July 24, 2015. Presented below is additional information regarding the Model AA Class Shares:
The Model AA Class Shares will not be treated as shareholders’ equity because the shareholders of the Model AA Class Shares will have cash put options and hence, the Model AA Class Shares will be reported as mezzanine equity, a separate line item between liabilities and shareholders’ equity. Unpaid dividends included in mezzanine equity as of March 31, 2019 and 2020 were ¥4,969 million and ¥6,217 million, respectively. The difference between the issuance amount and initial carrying amount of the mezzanine equity is adjusted for accretion of the mezzanine equity over a period of time from the issuance date until the Class Shares can first be redeemed. |
Employee benefit plans (Components of Net Periodic Pension Cost) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Japan | |||
Net Period Benefit Cost Assumptions [Line Items] | |||
Service cost | ¥ 93,298 | ¥ 99,838 | ¥ 88,964 |
Interest cost | 10,514 | 12,967 | 13,252 |
Expected return on plan assets | (37,813) | (38,551) | (36,409) |
Amortization of prior service costs | (4,346) | (3,904) | (4,226) |
Recognized net actuarial loss | 8,356 | 6,927 | 7,462 |
Amortization of net transition obligation | 0 | 0 | 0 |
Net periodic pension cost | 70,009 | 77,277 | 69,043 |
Foreign Plans | |||
Net Period Benefit Cost Assumptions [Line Items] | |||
Service cost | 46,869 | 46,930 | 35,887 |
Interest cost | 40,335 | 40,708 | 37,817 |
Expected return on plan assets | (43,003) | (37,530) | (41,048) |
Amortization of prior service costs | 142 | 219 | 313 |
Recognized net actuarial loss | 4,255 | 7,102 | 5,452 |
Amortization of net transition obligation | 0 | 0 | 0 |
Net periodic pension cost | ¥ 48,598 | ¥ 57,429 | ¥ 38,421 |
Short-term borrowings and long-term debt |
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Short-term borrowings and long-term debt | 12. Short-term borrowings and long-term debt: Short-term borrowings at March 31, 2019 and 2020 consist of the following:
As of March 31, 2020, Toyota has unused short-term lines of credit amounting to ¥1,861,792 million of which ¥374,273 million related to commercial paper programs. Under these programs, Toyota is authorized to obtain short-term financing at prevailing interest rates for periods not in excess of 360 days.Long-term debt at March 31, 2019 and 2020 comprises the following:
As of March 31, 2020, approximately 48%, 13%, 11%, 7%, 5% and 16% of long-term debt are denominated in U.S. dollars, euros, Japanese yen, Australian dollars, Thai baht and other currencies, respectively. As of March 31, 2020, property, plant and equipment with a book value of ¥644,368 million and other assets aggregating ¥2,010,548 million were pledged as collateral mainly for certain debt obligations of subsidiaries. These other assets principally consist of securitized finance receivables. The aggregate amounts of annual maturities of long-term debt during the next five years are as follows:
Standard agreements with certain banks include provisions that collateral (including sums on deposit with such banks) or guarantees will be furnished upon the banks’ request and that any collateral furnished, pursuant to such agreements or otherwise, will be applicable to all present or future indebtedness to such banks. During the year ended March 31, 2020, Toyota has not received any significant requests from these banks. As of March 31, 2020, Toyota has unused long-term lines of credit amounting to ¥5,345,718 million. Interest expense during the years ended March 31, 2018, 2019 and 2020 were ¥415,094 million, ¥499,871 million and ¥512,677 million, respectively. Interest expense related to the financial services business is included in “Cost of financing operations” in the accompanying consolidated statements of income. |
Accumulated other comprehensive income (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Foreign exchange gain (loss), net | ¥ 79,020 | ¥ (12,400) | ¥ (22,664) |
Other income (loss), net | (14,705) | 50,843 | (45,948) |
Costs and Expenses | 27,487,123 | 27,758,136 | 26,979,648 |
Income before income taxes and equity in earnings of affiliated companies | (2,554,607) | (2,285,465) | (2,620,429) |
Provision for income taxes | 683,430 | 659,944 | 504,406 |
Equity in earnings of affiliated companies | (271,152) | (360,066) | (470,083) |
Net income | (2,142,329) | (1,985,587) | (2,586,106) |
Reclassification from AOCI, Current Period, Tax | (4,360) | 4,071 | 7,229 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 10,392 | (6,197) | (22,221) |
Foreign currency translation adjustments | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income (loss), net | 1,377 | (6,664) | |
Income before income taxes and equity in earnings of affiliated companies | 1,377 | (6,664) | |
Net income | 1,377 | (6,664) | |
Unrealized gains (losses) on securities | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Foreign exchange gain (loss), net | 8,823 | (22,374) | (25,247) |
Other income (loss), net | (2,484) | (827) | (1,993) |
Income before income taxes and equity in earnings of affiliated companies | 6,246 | (21,958) | (31,807) |
Provision for income taxes | (1,960) | 6,963 | 9,729 |
Equity in earnings of affiliated companies | 99 | (31) | 20 |
Net income | 4,385 | (15,026) | (22,058) |
Unrealized gains (losses) on securities | Reclassification out of Accumulated Other Comprehensive Income | Financial Service [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Financing operations | (93) | 1,243 | (4,567) |
Recognized net actuarial loss | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income (loss), net | 12,611 | 14,029 | |
Costs and Expenses | 12,914 | ||
Amortization of prior service costs | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income (loss), net | (4,204) | (3,685) | |
Costs and Expenses | (3,913) | ||
Pension liability adjustments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 8,407 | 10,344 | 9,001 |
Reclassification from AOCI, Current Period, Tax | (2,400) | (2,892) | (2,500) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ¥ 6,007 | ¥ 7,452 | ¥ 6,501 |
Employee benefit plans |
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Employee benefit plans | 20. Employee benefit plans: Pension and severance plans - Upon terminations of employment, employees of the parent company and subsidiaries in Japan are entitled, under the retirement plans of each company, to lump-sum indemnities or pension payments, based on current rates of pay and lengths of service or the number of “points” mainly determined by those. Under normal circumstances, the minimum payment prior to retirement age is an amount based on voluntary retirement. Employees receive additional benefits on involuntary retirement, including retirement at the age limit. Effective October 1, 2004, the parent company amended its retirement plan to introduce a “point” based retirement benefit plan. Under the new plan, employees are entitled to lump-sum or pension payments determined based on accumulated “points” vested in each year of service. There are three types of “points” that vest in each year of service consisting of “service period points” which are attributed to the length of service, “job title points” which are attributed to the job title of each employee, and “performance points” which are attributed to the annual performance evaluation of each employee. Under normal circumstances, the minimum payment prior to retirement age is an amount reflecting an adjustment rate applied to represent voluntary retirement. Employees receive additional benefits upon involuntary retirement, including retirement at the age limit. Effective October 1, 2005, the parent company partly amended its retirement plan and introduced the quasi cash-balance plan under which benefits are determined based on the variable-interest crediting rate rather than the fixed-interest crediting rate as was in the pre-amended plan.The parent company and most subsidiaries in Japan have contributory funded defined benefit pension plans, which are pursuant to the Corporate Defined Benefit Pension Plan Law (CDBPPL). The contributions to the plans are funded with several financial institutions in accordance with the applicable laws and regulations. These pension plan assets consist principally of common stocks, government bonds and insurance contracts. Most foreign subsidiaries have pension plans or severance indemnity plans covering substantially all of their employees under which the cost of benefits are currently invested or accrued. The benefits for these plans are based primarily on lengths of service and current rates of pay. Toyota uses a March 31 measurement date for its benefit plans. Information regarding Toyota’s defined benefit plans is as follows:
Amounts recognized in the consolidated balance sheets as of March 31, 2019 and 2020 are comprised of the following:
Amounts recognized in accumulated other comprehensive income (loss) as of March 31, 2019 and 2020 are comprised of the following:
The accumulated benefit obligation for all defined benefit pension plans was ¥2,040,344 million and ¥1,993,624 million in Japanese plans, ¥1,120,453 million and ¥1,134,977 million in Foreign plans at March 31, 2019 and 2020, respectively. The projected benefit obligation and fair value of plan assets for which the projected benefit obligations exceed plan assets are as follows:
The accumulated benefit obligation and fair value of plan assets for which the accumulated benefit obligations exceed plan assets are as follows:
Components of the net periodic pension cost are as follows:
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows:
“Other” includes the impact of consolidation and deconsolidation of certain entities due to changes in ownership interest and currency translation adjustments during the years ended March 31, 2018, 2019 and 2020. The estimated prior service costs and net actuarial loss that will be amortized from accumulated other comprehensive income (loss) into net periodic pension cost during the year ending March 31, 2021 are ¥(3,400) million and ¥13,300 million in Japanese plans, ¥100 million and ¥6,000 million in Foreign plans, respectively. Weighted-average assumptions used to determine benefit obligations as of March 31, 2019 and 2020 are as follows:
As of March 31, 2019 and 2020, the parent company and certain subsidiaries in Japan employ “point” based retirement benefit plans and do not use the rates of compensation increase to determine benefit obligations. Weighted-average assumptions used to determine net periodic pension cost for the years ended March 31, 2018, 2019 and 2020 are as follows:
During the years ended March 31, 2018, 2019 and 2020, the parent company and certain subsidiaries in Japan employ “point” based retirement benefit plans and do not use the rates of compensation increase to determine net periodic pension cost. The expected rate of return on plan assets is determined after considering several applicable factors including, the composition of plan assets held, assumed risks of asset management, historical results of the returns on plan assets, Toyota’s principal policy for plan asset management, and forecasted market conditions. Toyota’s policy and objective for plan asset management is to maximize returns on plan assets to meet future benefit payment requirements under risks which Toyota considers permissible. Asset allocations under the plan asset management are determined based on plan asset management policies of each plan which are established to achieve the optimized asset compositions in terms of the long-term overall plan asset management. In Japanese plans, excepting equity securities contributed by Toyota, approximately 40% of the plan assets is invested in equity securities, approximately 30% is invested in debt securities, and the rest of them is invested in insurance contracts and other products. In Foreign plans, excepting equity securities contributed by Toyota, approximately 40% of the plan assets is invested in equity securities, approximately 50% is invested in debt securities, and the rest of them is invested in other products. When actual allocations are not in line with target allocations, Toyota rebalances its investments in accordance with the policies. Prior to making individual investments, Toyota performs in-depth assessments of corresponding factors including category of products, industry type, currencies and liquidity of each potential investment under consideration to mitigate concentrations of risks such as market risk and foreign currency exchange rate risk. To assess performance of the investments, Toyota establishes bench mark return rates for each individual investment, combines these individual bench mark rates based on the asset composition ratios within each asset category, and compares the combined rates with the corresponding actual return rates on each asset category.The following table summarizes the fair value of classes of plan assets as of March 31, 2019 and 2020. See note 28 to the consolidated financial statements for three levels of input which are used to measure fair value. Japanese plans
Foreign plans
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The following is description of the assets, information about the valuation techniques used to measure fair value, key inputs and significant assumptions: Quoted market prices for identical securities are used to measure fair value of common stocks. Japanese stocks and foreign stocks represent 73% and 27% (as of March 31, 2019) and 75% and 25% (as of March 31, 2020) of common stocks, respectively, in Japanese plans. Common stocks include mainly foreign stocks as of March 31, 2019 and 2020 in Foreign plans. Quoted market prices for identical securities are used to measure fair value of government bonds. Japanese government bonds and foreign government bonds represent 33% and 67% (as of March 31, 2019) and 37% and 63% (as of March 31, 2020) of government bonds, respectively, in Japanese plans. Government bonds include mainly foreign government bonds as of March 31, 2019 and 2020 in Foreign plans. Commingled funds are beneficial interests of collective trust. The fair values of commingled funds are measured using the net asset value (“NAV”) provided by the administrator of the fund, and are categorized by the ability to redeem investments by the NAV. The fair values of insurance contracts are measured using contracted amount with accrued interest. “Other” consists of cash equivalents, other private placement investment funds and other assets. The fair values of other private placement investment funds are measured using the NAV provided by the administrator of the fund, and are categorized by the ability to redeem investments by the NAV. The following tables summarize the changes in Level 3 plan assets measured at fair value for the years ended March 31, 2018, 2019 and 2020: Japanese plans
Foreign plans
Toyota expects to contribute ¥38,667 million in Japanese plans and ¥17,749 million in Foreign plans to its pension plans in the year ending March 31, 2021. The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Postretirement benefits other than pensions and postemployment benefits - Toyota’s U.S. subsidiaries provide certain health care and life insurance benefits to eligible retired employees. In addition, Toyota provides benefits to certain former or inactive employees after employment, but before retirement. These benefits are provided through various insurance companies, health care providers and others. The costs of these benefits are recognized over the period the employee provides credited service to Toyota. Toyota’s obligations under these arrangements are not material. |
Employee benefit plans (Amounts Recognized in Consolidated Balance Sheet Associated with Defined Benefit Plans) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued pension and severance costs | ¥ 978,626 | ¥ 963,406 |
Japan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued expenses (Accrued pension and severance costs) | 33,422 | 34,298 |
Accrued pension and severance costs | 639,764 | 657,380 |
Investments and other assets - Other (Prepaid pension and severance costs) | (134,774) | (192,096) |
Net amount recognized | 538,412 | 499,582 |
Foreign Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued expenses (Accrued pension and severance costs) | 7,934 | 3,234 |
Accrued pension and severance costs | 338,862 | 306,026 |
Investments and other assets - Other (Prepaid pension and severance costs) | (7,883) | (5,147) |
Net amount recognized | ¥ 338,913 | ¥ 304,113 |
Product warranties and recalls and other safety measures (Tables) |
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Net Changes in Liabilities for Quality Assurances | The net changes in liabilities for quality assurances above for the years ended March 31, 2018, 2019 and 2020 consist of the following:
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Net Changes in Liabilities for Recalls and Other Safety Measures which are Comprised in Liabilities for Quality Assurances | The table below shows the net changes in liabilities for recalls and other safe ty measures which are comprised in liabilities for quality assurances above for the years ended March 31, 2018, 2019 and 2020.
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Summary of significant accounting policies (Tables) |
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables on Nonaccrual Status | As of March 31, 2019 and 2020, finance receivables on nonaccrual status are as follows:
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Finance Receivables 90 Days or More Past Due and Accruing | As of March 31, 2019 and 2020, finance receivables 90 days or more past due and accruing are as follows:
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Vehicles and equipment on operating leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Vehicles and Equipment on Operating Lease | Vehicles and equipment on operating leases consist of the following:
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Future Minimum Rentals from Vehicles and Equipment on Operating Leases | Future minimum rentals from vehicles and equipment on operating leases are due in installments as follows:
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Significant subsequent events - Additional Information (Detail) ¥ in Millions |
Apr. 30, 2020
JPY (¥)
|
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Subsequent event | Multiple domestic financial institutions | |
Debt instrument face amount | ¥ 1,250,000 |
Income taxes (Provision for Income Taxes) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
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Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
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Current income tax expense: | |||
Current income tax expense | ¥ 491,283 | ¥ 746,538 | ¥ 742,367 |
Deferred income tax expense (benefit): | |||
Deferred income tax expense (benefit) | 192,147 | (86,594) | (237,961) |
Provision for income taxes | 683,430 | 659,944 | 504,406 |
Parent Company And Domestic Subsidiaries | |||
Current income tax expense: | |||
Current income tax expense | 483,087 | 599,521 | 565,998 |
Deferred income tax expense (benefit): | |||
Deferred income tax expense (benefit) | 45,739 | (110,608) | 45,097 |
Foreign Subsidiaries | |||
Current income tax expense: | |||
Current income tax expense | 8,196 | 147,017 | 176,369 |
Deferred income tax expense (benefit): | |||
Deferred income tax expense (benefit) | ¥ 146,408 | ¥ 24,014 | ¥ (283,058) |
Marketable securities and other securities investments - Additional Information (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
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Net Investment Income [Line Items] | |||
Proceeds from sales of available-for-sale securities | ¥ 248,046 | ||
Gross realized gains on sales of available-for-sale securities | 7,684 | ||
Gross realized losses on sales of available-for-sale securities | 278 | ||
Impairment losses recognized on available-for-sale securities | ¥ 846 | ||
Carrying amount of equity securities with readily determinable fair values | ¥ 1,895,690 | ¥ 2,154,951 | |
Carrying amount of equity securities without readily determinable fair values | ¥ 364,593 | ¥ 279,178 | |
Available-for-sale Securities | Public and Corporate Bonds | |||
Net Investment Income [Line Items] | |||
Maturity period for securities, minimum | 1 year | 1 year | |
Maturity period for securities, maximum | 10 years | 10 years |
Summary of significant accounting policies (Finance Receivables on Nonaccrual Status) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables on nonaccrual status | ¥ 45,172 | ¥ 48,330 |
Retail Receivables Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables on nonaccrual status | 10,434 | 9,401 |
Finance Lease Receivables Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables on nonaccrual status | 3,300 | 2,431 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables on nonaccrual status | 13,023 | 18,217 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables on nonaccrual status | 10,703 | 18,281 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables on nonaccrual status | ¥ 7,712 | ¥ 0 |
Short-term borrowings and long-term debt (Aggregate Amounts of Annual Maturities of Long-term Debt During Next Five Years) (Detail) ¥ in Millions |
Mar. 31, 2020
JPY (¥)
|
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Long Term Debt And Capital Lease Obligations Repayments Of Principal [Line Items] | |
2021 | ¥ 4,574,045 |
2022 | 3,692,634 |
2023 | 3,014,979 |
2024 | 1,575,717 |
2025 | ¥ 1,210,354 |
Derivative financial instruments (Tables) |
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Fair Values of Derivative Financial Instruments | The following table summarizes the fair values of derivative financial instruments as of March 31, 2019 and 2020:
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Notional Amounts of Derivative Financial Instruments | The following table summarizes the notional amounts of derivative financial instruments as of March 31, 2019 and 2020:
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Gains and Losses on Derivative Financial Instruments and Hedged Items Reported in Consolidated Statement of Income | The following table summarizes the gains and losses on derivative financial instruments and hedged items reported in the consolidated statements of income for the years ended March 31, 2018, 2019 and 2020:
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Shareholders' equity (Tables) |
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Changes in Number of Shares of Common Stock Issued | Changes in the number of shares of common stock issued have resulted from the following:
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Additional Information Regarding Repurchase, Reissuance and Retirement of Treasury Stock | The repurchase, reissuance and retirement of treasury stock for the years ended March 31, 2018, 2019 and 2020 are as follows: For the year ended March 31, 2018 Repurchase of treasury stock Reason for repurchasing treasury stock - The repurchase was made to return capital to shareholders in addition to promoting capital efficiency and agile capital policy in view of the business environment. Details of matters relating to repurchase -
Reissuance of treasury stock Reason for reissuing treasury stock - On August 4, 2017, the parent company and Mazda Motor Corporation (Mazda) signed an agreement to enter a business and capital alliance, with the aim of further strengthening their lasting partnership. The parent company acquired common stock newly issued by Mazda through a third-party allotment. Mazda acquired the parent company’s shares that were equivalent in value to the Mazda shares through a disposition of treasury stock involving a third-party allotment implemented by the parent company. Details of matters relating to reissuance -
For the year ended March 31, 2019 Repurchase of treasury stock Reason for repurchasing treasury stock - Details of matters relating to repurchase -
For the year ended March 31, 2020 Repurchase of treasury stock Reason for repurchasing treasury stock - The repurchase was made to return capital to shareholders in addition to promoting capital efficiency and agile capital policy in view of the business environment. Details of matters relating to repurchase -
Reissuance of treasury stock Reason for reissuing treasury stock - On May 9, 2019, the parent company resolved to conclude contracts aimed toward the establishment of a new joint venture, Prime Life Technologies, related to a town development business with Panasonic. Pursuant to these contracts, the parent company, THC and Misawa Homes conducted a share exchange in which common shares of Toyota were allotted in exchange for common shares of Misawa Homes so that THC, a consolidated subsidiary of the parent company, will become the wholly owning parent company resulting from the share exchange and Misawa Homes, a consolidated subsidiary of THC, will become the wholly owned subsidiary resulting from the share exchange. Details of matters relating to reissuance -
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Net revenues (Tables) |
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Summary of Net Revenues from External Customers by Business and by Product Category | The table below shows Toyota’s net revenues from external customers by business and by product category.
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Summary of lease income | The breakdown of income from leases included in financial service revenues is as follows;
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Summary of Contract Liabilities | Contract liabilities consist of the following:
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Allowance for doubtful accounts and credit losses (Allowance for Credit Losses Relating to Finance Receivables and Vehicles and Equipment on Operating Leases) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
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Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses at beginning of year | ¥ 196,399 | ¥ 184,087 | ¥ 178,101 |
Provision for credit losses, net of reversal | 137,293 | 81,440 | 76,143 |
Charge-offs | (98,352) | (91,698) | (96,444) |
Recoveries | 25,578 | 26,178 | 25,344 |
Other | (18,569) | (3,608) | 943 |
Allowance for credit losses at end of year | ¥ 242,349 | ¥ 196,399 | ¥ 184,087 |
Finance receivables (Summary of Finance Leases) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Schedule of Finance Lease Obligations [Line Items] | ||
Minimum lease payments | ¥ 1,222,323 | ¥ 1,158,242 |
Estimated unguaranteed residual values | 469,048 | 478,294 |
Capital Leases, Net Investment in Direct Financing Leases, Gross, Total | 1,691,371 | 1,636,536 |
Deferred origination costs | 12,349 | 11,929 |
Less - Unearned income | (146,087) | (143,838) |
Less - Allowance for credit losses | (30,898) | (26,483) |
Finance leases, net | ¥ 1,526,735 | ¥ 1,478,144 |
Inventories (Components of Inventories) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Inventory [Line Items] | ||
Finished goods | ¥ 1,517,173 | ¥ 1,746,159 |
Raw materials | 485,069 | 475,504 |
Work in process | 315,139 | 324,921 |
Supplies and other | 117,537 | 109,812 |
Total | ¥ 2,434,918 | ¥ 2,656,396 |
Affiliated companies and variable interest entities - Additional Information (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
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Schedule of Equity Method Investments [Line Items] | |||
Certain affiliated companies accounted for by the equity method | ¥ 2,895,656 | ¥ 2,430,251 | |
Affiliated companies aggregate value | 2,247,107 | 2,513,886 | |
Dividends from affiliated companies accounted for by the equity method | 208,950 | 204,322 | ¥ 196,403 |
Finance receivables | 17,038,029 | 16,928,889 | |
Operating leases | 5,929,233 | 6,139,163 | |
Investment In Trusts | |||
Schedule of Equity Method Investments [Line Items] | |||
Maximum exposure to loss related to VIEs | 16,622 | 22,001 | |
Debt Securities | |||
Schedule of Equity Method Investments [Line Items] | |||
Maximum exposure to loss related to VIEs | 748,131 | 351,945 | |
Vehicles | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating leases | 6,153,695 | 6,383,788 | |
Variable Interest Entity, Primary Beneficiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Restricted cash | 140,750 | 131,804 | |
Secured debt | 1,979,563 | 1,893,073 | |
Marketable securities and other securities investments | 2,767,681 | 2,790,679 | |
Variable Interest Entity, Primary Beneficiary | Vehicles | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating leases | 621,633 | 609,694 | |
Retail Receivables Portfolio Segment | Variable Interest Entity, Primary Beneficiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Finance receivables | ¥ 1,906,256 | ¥ 1,872,564 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - JPY (¥) ¥ in Millions |
Total |
Common stock |
Additional paid-in capital |
Retained earnings |
Accumulated other comprehensive income (loss) |
Treasury stock, at cost |
Total Toyota Motor Corporation shareholders' equity |
Noncontrolling interests |
---|---|---|---|---|---|---|---|---|
Balances at Mar. 31, 2017 | ¥ 18,183,076 | ¥ 397,050 | ¥ 484,013 | ¥ 17,601,070 | ¥ 640,922 | ¥ (1,608,243) | ¥ 17,514,812 | ¥ 668,264 |
Equity transaction with noncontrolling interests and other | (1,659) | 1,817 | 11,400 | (11,400) | 1,817 | (3,476) | ||
Comprehensive income | ||||||||
Net income | 2,586,106 | 2,493,983 | 2,493,983 | 92,123 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | (120,606) | (118,977) | (118,977) | (1,629) | ||||
Unrealized gains (losses) on securities | (94,559) | (96,581) | (96,581) | 2,022 | ||||
Pension liability adjustments | 22,315 | 21,735 | 21,735 | 580 | ||||
Total comprehensive income | 2,393,256 | 2,300,160 | 93,096 | |||||
Accretion to Mezzanine equity | (4,849) | (4,849) | (4,849) | |||||
Dividends to Toyota Motor Corporation class shareholders | (7,442) | (7,442) | (7,442) | |||||
Dividends paid to Toyota Motor Corporation common shareholders | (620,698) | (620,698) | (620,698) | |||||
Dividends paid to noncontrolling interests | (63,764) | (63,764) | ||||||
Repurchase of treasury stock | (500,177) | (500,177) | (500,177) | |||||
Reissuance of treasury stock | 52,359 | 1,672 | 50,687 | 52,359 | ||||
Balances at Mar. 31, 2018 | 19,430,102 | 397,050 | 487,502 | 19,473,464 | 435,699 | (2,057,733) | 18,735,982 | 694,120 |
Cumulative effect of accounting changes | (27,538) | 1,282,082 | (1,309,620) | (27,538) | ||||
Equity transaction with noncontrolling interests and other | (2,121) | 105 | 105 | (2,226) | ||||
Comprehensive income | ||||||||
Net income | 1,985,587 | 1,882,873 | 1,882,873 | 102,714 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | 27,016 | 29,448 | 29,448 | (2,432) | ||||
Unrealized gains (losses) on securities | (21,165) | (21,111) | (21,111) | (54) | ||||
Pension liability adjustments | (54,836) | (51,066) | (51,066) | (3,770) | ||||
Total comprehensive income | 1,936,602 | 1,840,144 | 96,458 | |||||
Accretion to Mezzanine equity | (4,850) | (4,850) | (4,850) | |||||
Dividends to Toyota Motor Corporation class shareholders | (9,938) | (9,938) | (9,938) | |||||
Dividends paid to Toyota Motor Corporation common shareholders | (636,116) | (636,116) | (636,116) | |||||
Dividends paid to noncontrolling interests | (69,367) | (69,367) | ||||||
Repurchase of treasury stock | (550,107) | (550,107) | (550,107) | |||||
Reissuance of treasury stock | 470 | (445) | 915 | 470 | ||||
Balances at Mar. 31, 2019 | 20,067,137 | 397,050 | 487,162 | 21,987,515 | (916,650) | (2,606,925) | 19,348,152 | 718,985 |
Equity transaction with noncontrolling interests and other | (28,939) | (1,881) | 5,796 | 3,915 | (32,854) | |||
Comprehensive income | ||||||||
Net income | 2,142,329 | 2,076,183 | 2,076,183 | 66,146 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | (333,854) | (313,186) | (313,186) | (20,668) | ||||
Unrealized gains (losses) on securities | 118,363 | 118,403 | 118,403 | (40) | ||||
Pension liability adjustments | (60,196) | (60,636) | (60,636) | 440 | ||||
Total comprehensive income | 1,866,642 | 1,820,764 | 45,878 | |||||
Accretion to Mezzanine equity | (4,850) | (4,850) | (4,850) | |||||
Dividends to Toyota Motor Corporation class shareholders | (12,434) | (12,434) | (12,434) | |||||
Dividends paid to Toyota Motor Corporation common shareholders | (618,801) | (618,801) | (618,801) | |||||
Dividends paid to noncontrolling interests | (54,945) | (54,945) | ||||||
Repurchase of treasury stock | (500,309) | (500,309) | (500,309) | |||||
Reissuance of treasury stock | 24,181 | 4,053 | 20,128 | 24,181 | ||||
Balances at Mar. 31, 2020 | ¥ 20,737,682 | ¥ 397,050 | ¥ 489,334 | ¥ 23,427,613 | ¥ (1,166,273) | ¥ (3,087,106) | ¥ 20,060,618 | ¥ 677,064 |
Per share amounts (Reconciliations of Differences Between Basic and Diluted Net Income Attributable to Toyota Motor Corporation Per Common Share) (Detail) - JPY (¥) ¥ / shares in Units, shares in Thousands, ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Earnings Per Share Disclosure [Line Items] | |||
Net income attributable to Toyota Motor Corporation | ¥ 2,076,183 | ¥ 1,882,873 | ¥ 2,493,983 |
Accretion to Mezzanine equity | (4,850) | (4,850) | (4,849) |
Dividends to Toyota Motor Corporation Model AA Class Shareholders | (12,434) | (9,938) | (7,442) |
Net income attributable to Toyota Motor Corporation, basic | 2,058,899 | 1,868,085 | 2,481,692 |
Effect of dilutive securities | |||
Model AA Class Shares | 17,284 | 14,788 | 12,291 |
Assumed exercise of dilutive stock options | 0 | (4) | |
Net income attributable to Toyota Motor Corporation, diluted | ¥ 2,076,183 | ¥ 1,882,873 | ¥ 2,493,979 |
Weighted-average shares, basic | 2,798,918 | 2,871,534 | 2,947,365 |
Effect of dilutive securities | |||
Model AA Class Shares | 47,100 | 47,100 | 47,100 |
Assumed exercise of dilutive stock options | 40 | 301 | |
Weighted-average shares, diluted | 2,846,018 | 2,918,674 | 2,994,766 |
Net income attributable to Toyota Motor Corporation per share, basic | ¥ 735.61 | ¥ 650.55 | ¥ 842.00 |
Net income attributable to Toyota Motor Corporation per share, diluted | ¥ 729.50 | ¥ 645.11 | ¥ 832.78 |
Net revenues (Summary of Net Revenues from External Customers by Business and by Product Category) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ¥ 29,929,992 | ¥ 30,225,681 |
Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 27,759,749 | 28,105,338 |
Product [Member] | Vehicles | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 22,852,916 | 23,066,190 |
Product [Member] | Parts and Components for Overseas Production | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 603,928 | 625,483 |
Product [Member] | Parts and Components for After Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 2,103,478 | 2,093,437 |
Product [Member] | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,274,163 | 1,249,382 |
Product [Member] | Automotive | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 26,834,485 | 27,034,492 |
Product [Member] | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 925,264 | 1,070,846 |
Financial Services | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ¥ 2,170,243 | ¥ 2,120,343 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Trade accounts and notes receivable, allowance for doubtful accounts, current | ¥ 23,944 | ¥ 16,370 |
Model AA Class Shares, no par value | ¥ 0 | ¥ 0 |
Model AA Class Shares, authorized | 150,000,000 | 150,000,000 |
Model AA Class Shares, issued | 47,100,000 | 47,100,000 |
Common stock, no par value | ¥ 0 | ¥ 0 |
Common stock, authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, issued | 3,262,997,492 | 3,262,997,492 |
Treasury stock, shares | 496,844,960 | 430,558,325 |
Total number of authorized shares for common stock and Model AA Class Shares | 10,000,000,000 | 10,000,000,000 |
Marketable Securities [Member] | ||
Marketable securities loaned asset | ¥ 156,051 | |
Marketable Securities And Other Securities Investment [Member] | ||
Marketable securities loaned asset | ¥ 2,061,295 |
Employee benefit plans (Changes in Level 3 Plan Assets Measured At Fair Value) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Japan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | ¥ 1,600,491 | ¥ 1,612,879 | |
Actual return on plan assets | (70,503) | 3,208 | |
Balance at end of year | 1,513,031 | 1,600,491 | ¥ 1,612,879 |
Foreign Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 882,784 | 815,483 | |
Actual return on plan assets | 13,421 | 59,237 | |
Balance at end of year | 868,901 | 882,784 | 815,483 |
Level 3 | Japan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 4,242 | 19 | 577 |
Actual return on plan assets | (43) | (164) | (4) |
Purchases, sales and settlements | (19) | (554) | |
Other | 2,000 | 4,406 | |
Balance at end of year | 6,199 | 4,242 | 19 |
Level 3 | Foreign Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 27,903 | ||
Balance at end of year | 28,251 | 27,903 | |
Level 3 | Debt securities | Japan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 19 | 81 | |
Purchases, sales and settlements | (19) | (62) | |
Balance at end of year | 19 | ||
Level 3 | Other | Japan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 4,242 | 496 | |
Actual return on plan assets | (43) | (164) | (4) |
Purchases, sales and settlements | (492) | ||
Other | 2,000 | 4,406 | |
Balance at end of year | 6,199 | 4,242 | |
Level 3 | Other | Foreign Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 27,903 | 31,288 | 30,903 |
Actual return on plan assets | 891 | (4,784) | 2,024 |
Other | (543) | 1,399 | (1,639) |
Balance at end of year | ¥ 28,251 | ¥ 27,903 | ¥ 31,288 |
Derivative financial instruments (Gains and Losses on Derivative Financial Instruments and Hedged Items Reported in Consolidated Statement of Income) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Fair value hedging derivative financial instruments | Interest rate and currency swap agreements | Cost of financing operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains or (losses) on derivative financial instruments | ¥ 0 | ¥ (822) | ¥ 782 |
Gains or (losses) on hedged items | 0 | 799 | (227) |
Undesignated derivative financial instruments | Interest rate and currency swap agreements | Cost of financing operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains or (losses) on derivative financial instruments | 51,552 | (18,433) | 42,220 |
Undesignated derivative financial instruments | Interest rate and currency swap agreements | Foreign exchange gain (loss), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains or (losses) on derivative financial instruments | 67,142 | 37,124 | 30,339 |
Undesignated derivative financial instruments | Foreign exchange forward and option contracts | Cost of financing operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains or (losses) on derivative financial instruments | 33,538 | 2,240 | 6,442 |
Undesignated derivative financial instruments | Foreign exchange forward and option contracts | Foreign exchange gain (loss), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains or (losses) on derivative financial instruments | ¥ 8,281 | ¥ (69,826) | ¥ 73,115 |
Inventories |
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Inventories | 8. Inventories: Inventories consist of the following:
|
Acquisitions and dispositions |
12 Months Ended |
---|---|
Mar. 31, 2020 | |
Acquisitions and dispositions | 4. Acquisitions and dispositions: The parent company and Panasonic established a new joint venture, Prime Life Technologies, related to a town development business. Prime Life Technologies became Toyota’s affiliated company, and THC as well as Misawa Homes became subsidiaries of Prime Life Technologies, causing THC and Misawa Homes to no longer be the parent company’s consolidated subsidiary companies. Specifically, at the meeting of the Board of Directors held on May 9, 2019, the parent company resolved to conclude contracts aimed toward the establishment of Prime Life Technologies with Panasonic. On January 7, 2020, THC and Misawa Homes, each a subsidiary of Toyota, completed a share exchange in which THC became the wholly owning parent company and Misawa Homes became the wholly owned subsidiary company, pursuant to a share exchange agreement that was approved at the general meeting of shareholders of Misawa Homes on November 26, 2019. Also effective January 7, 2020, and pursuant to the share transfer plan that was approved at the general meeting of shareholders of THC on December 19, 2019, Toyota transferred all of the shares of THC common stock to Prime Life Technologies, causing it to become the wholly owning parent company of THC. THC then distributed all issued shares of Misawa Homes to Prime Life Technologies as a dividend of surplus, as approved at the general meeting of shareholders of THC on January 7, 2020, with Prime Life Technologies thereby becoming the wholly owning parent company of THC and Misawa Homes. Gains or losses realized from these transactions are not material. In addition to the above, Toyota made several acquisitions and dispositions during the years ended March 31, 2018, 2019 and 2020, however the assets and liabilities acquired or transferred were not material. |
Shareholders' equity (Changes in Number of Shares of Common Stock Issued) (Detail) - shares |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Reconciliation of Common Stock Outstanding [Line Items] | |||
Balance at beginning of year | 3,262,997,492 | 3,262,997,492 | 3,262,997,492 |
Issuance during the year | 0 | 0 | 0 |
Purchase and retirement | 0 | 0 | 0 |
Balance at end of year | 3,262,997,492 | 3,262,997,492 | 3,262,997,492 |
Significant subsequent events |
12 Months Ended |
---|---|
Mar. 31, 2020 | |
Significant subsequent events | 29. Significant subsequent events: Plant suspensions - For reasons such as government directives as well as anticipated reduced demand for its vehicles due to the global spread of COVID-19, after April 2020 to suspend temporarily the production of automobiles and components at selected plants in Japan and overseas. Production is subsequently being resumed. It is uncertain how this suspension will affect Toyota’s financial results. Borrowing funds - Taking into consideration its funding plans, which take into account the risk that COVID-19 will have a prolonged impact, and market trends, in April 2020 Toyota entered into loan agreements and borrowed funds in an aggregate amount of ¥ million with multiple domestic financial institutions. The interest rates under the loan agreements are approximately the same as market rates, and the tenor of the loans are around one year. None of these agreements has collateral or other material covenant provisions. |
Income taxes (Net Changes in Total Valuation Allowance for Deferred Tax Assets) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Valuation Allowance [Line Items] | |||
Valuation allowance at beginning of year | ¥ 93,599 | ¥ 93,814 | ¥ 146,623 |
Additions | 27,629 | 13,967 | 16,106 |
Deductions | (6,089) | (9,801) | (74,435) |
Other | (4,497) | (4,381) | 5,520 |
Valuation allowance at end of year | ¥ 110,642 | ¥ 93,599 | ¥ 93,814 |
Derivative financial instruments |
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Derivative financial instruments | 21. Derivative financial instruments: Toyota employs derivative financial instruments, including foreign exchange forward contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements and interest rate options to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. Toyota does not use derivatives for speculation or trading. Fair value hedges - Toyota enters into interest rate swaps and interest rate currency swap agreements mainly to convert its fixed-rate debt to variable-rate debt. Toyota uses interest rate swap agreements in managing interest rate risk exposure. Interest rate swap agreements are executed as either an integral part of specific debt transactions or on a portfolio basis. Toyota uses interest rate currency swap agreements to hedge exposure to currency exchange rate fluctuations on principal and interest payments for borrowings denominated in foreign currencies. Notes and loans payable issued in foreign currencies are hedged by concurrently executing interest rate currency swap agreements, which involve the exchange of foreign currency principal and interest obligations for each functional currency obligations at agreed-upon currency exchange and interest rates. For the years ended March 31, 2018, 2019 and 2020, the ineffective portion of Toyota’s fair value hedge relationships was not material. For fair value hedging relationships, the components of each derivative’s gain or loss are included in the assessment of hedge effectiveness. Undesignated derivative financial instruments - Toyota uses foreign exchange forward contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements, and interest rate options, to manage its exposure to foreign currency exchange rate fluctuations and interest rate fluctuations from an economic perspective, and for some of which Toyota is unable to or has elected not to apply hedge accounting. Fair value and gains or losses on derivative financial instruments - The following table summarizes the fair values of derivative financial instruments as of March 31, 2019 and 2020:
The following table summarizes the notional amounts of derivative financial instruments as of March 31, 2019 and 2020:
The following table summarizes the gains and losses on derivative financial instruments and hedged items reported in the consolidated statements of income for the years ended March 31, 2018, 2019 and 2020:
Undesignated derivative financial instruments are used to manage economic risks of fluctuations in foreign currency exchange rates and interest rates of certain receivables and payables. Those economic risks are offset by changes in the fair value of undesignated derivative financial instruments. Cash flows from transactions of derivative financial instruments are included in cash flows from operating activities in the consolidated statements of cash flows. Credit risk related contingent features - Toyota enters into International Swaps and Derivatives Association Master Agreements with counterparties. These Master Agreements contain a provision requiring either Toyota or the counterparty to settle the contract or to post assets to the other party in the event of a ratings downgrade below a specified threshold. The aggregate fair value amount of derivative financial instruments that contain credit risk related contingent features that are in a net liability position after being offset by cash collateral as of March 31, 2020 is ¥6,750 million. The aggregate fair value amount of assets that are already posted as cash collateral as of March 31, 2020 is ¥230,830 million. If the ratings of Toyota decline below specified thresholds, the maximum amount of assets to be posted or for which Toyota could be required to settle the contracts is ¥6,750 million as of March 31, 2020. |
Accumulated other comprehensive income (Components of Accumulated Other Comprehensive Income (Loss) and Related Changes, Net of Taxes) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications, taxes | ¥ (22,845) | ¥ 37,880 | ¥ 27,347 |
Reclassifications, taxes | (4,360) | 4,071 | 7,229 |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications, taxes | 1,865 | 8,703 | (3,624) |
Reclassifications, taxes | 0 | ||
Unrealized gains (losses) on securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications, taxes | (50,969) | 3,382 | 38,539 |
Reclassifications, taxes | (1,960) | 6,963 | 9,729 |
Pension liability adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications, taxes | 26,259 | 25,795 | (7,568) |
Reclassifications, taxes | ¥ (2,400) | ¥ (2,892) | ¥ (2,500) |
Segment data |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment data | 25. Segment data: The operating segments reported below are the segments of Toyota for which separate financial information is available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and Financial Services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, sport-utility vehicles, trucks and related parts and accessories. The Financial Services segment consists primarily of financing, and vehicle leasing operations to assist in the merchandising of the parent company and its affiliated companies products as well as other products. The All Other segment includes the design, manufacturing and sales of housing, telecommunications and other businesses. The following tables present certain information regarding Toyota’s industry or geographic segments and overseas revenues by destination as of and for the years ended March 31, 2018, 2019 and 2020. Segment operating results and assets - As of and for the year ended March 31, 2018:
As of and for the year ended March 31, 2019:
As of and for the year ended March 31, 2020:
Geographic information - As of and for the year ended March 31, 2018:
As of and for the year ended March 31, 2019:
As of and for the year ended March 31, 2020:
“Other” consists of Central and South America, Oceania, Africa and the Middle East. Revenues are attributed to geographies based on the country location of the parent company or the subsidiary that transacted the sale with the external customer. There are no any individually material countries with respect to revenues, and long-lived assets included in other foreign countries. Unallocated amounts included in assets represent assets held for corporate purposes, which mainly consist of cash and cash equivalents and marketable securities and other securities investments. Such corporate assets were ¥9,386,399 million, ¥9,329,020 million and ¥8,630,468 million, as of March 31, 2018, 2019 and 2020, respectively. Transfers between industry or geographic segments are made at terms and conditions in the ordinary course of business. In measuring the reportable segments’ income or losses, operating income consists of revenue less operating expenses. Overseas revenues by destination - The following information shows revenues that are attributed to countries based on location of customers, excluding customers in Japan. In addition to the disclosure requirements under U.S.GAAP, Toyota discloses this information in order to provide financial statements users with valuable information.
“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc. Certain financial statements data on non-financial services and financial services businesses - The financial data below presents separately Toyota’s non-financial services and financial services businesses.Balance sheets -
non-financial services include unallocated corporate assets.
Statements of income -
Statements of cash flows -
|
Accumulated other comprehensive income |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income | 18. Accumulated other comprehensive income: Changes in accumulated other comprehensive income (loss) are as foll o ws:
Reclassifications for the years ended March 31, 2018, 2019 and 2020 consist of the following:
Amounts of reclassifications in parentheses indicate gains in the consolidated statements of income. |
Other payables |
12 Months Ended |
---|---|
Mar. 31, 2020 | |
Other payables | 14. Other payables: Other payables are mainly related to purchases of property, plant and equipment and
non-manufacturing purchases. |
Stock-based compensation (Summary of Toyota's Stock Option Activity) (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Number of shares | ||||
Options outstanding, beginning balance | 0 | 283,600 | 1,192,300 | |
Granted | 0 | 0 | 0 | |
Exercised | 0 | (155,100) | (643,800) | |
Canceled | 0 | (128,500) | (264,900) | |
Options outstanding, ending balance | 0 | 0 | 283,600 | 1,192,300 |
Options exercisable at year end | 0 | 0 | 283,600 | |
Weighted-average exercise price | ||||
Options outstanding, beginning balance | ¥ 0 | ¥ 3,153 | ¥ 3,682 | |
Granted | 0 | 0 | 0 | |
Exercised | 0 | 3,156 | 3,726 | |
Canceled | 0 | 3,153 | 4,154 | |
Options outstanding, ending balance | 0 | 0 | 3,153 | ¥ 3,682 |
Options exercisable at year end | ¥ 0 | ¥ 0 | ¥ 3,153 | |
Weighted-average remaining contractual life in years | ||||
Options outstanding, Weighted- average remaining contractual term | 0 years | 0 years | 3 months 29 days | 9 months 18 days |
Options exercisable at year end | 0 years | 3 months 29 days | ||
Aggregate intrinsic value | ||||
Option outstanding aggregate intrinsic value at year end | ¥ 0 | ¥ 0 | ¥ 1,041 | ¥ 2,813 |
Options exercisable at year end | ¥ 0 | ¥ 0 | ¥ 1,041 |
Employee benefit plans - Additional Information (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2021 |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|---|
Japan | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Accumulated benefit obligation for all defined benefit pension plans | ¥ 1,993,624 | ¥ 2,040,344 | |
Japan | Equity securities | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Percentage of plan assets invested | 40.00% | ||
Japan | Equity securities | Common stocks | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Plan asset allocation | 75.00% | 73.00% | |
Japan | Debt securities | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Percentage of plan assets invested | 30.00% | ||
Japan | Debt securities | Government bonds | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Plan asset allocation | 37.00% | 33.00% | |
Japan | Scenario Forecast | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Estimated prior service costs | ¥ (3,400) | ||
Estimated net actuarial loss | 13,300 | ||
Expected contribution to pension plans | 38,667 | ||
Foreign Plans | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Accumulated benefit obligation for all defined benefit pension plans | ¥ 1,134,977 | ¥ 1,120,453 | |
Foreign Plans | Equity securities | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Percentage of plan assets invested | 40.00% | ||
Foreign Plans | Equity securities | Common stocks | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Plan asset allocation | 25.00% | 27.00% | |
Foreign Plans | Debt securities | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Percentage of plan assets invested | 50.00% | ||
Foreign Plans | Debt securities | Government bonds | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Plan asset allocation | 63.00% | 67.00% | |
Foreign Plans | Scenario Forecast | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Estimated prior service costs | 100 | ||
Estimated net actuarial loss | 6,000 | ||
Expected contribution to pension plans | ¥ 17,749 |
Segment data (Revenues that are Attributed to Countries Based on Location of Customers, Excluding Customers in Japan (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
North America | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | ¥ 10,543,638 | ¥ 10,675,298 | ¥ 10,403,647 |
Europe | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 2,937,216 | 2,873,737 | 2,730,915 |
Asia | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 5,263,943 | 5,355,991 | 4,793,110 |
Other Countries | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | ¥ 3,936,572 | ¥ 3,944,854 | ¥ 4,186,666 |
Other commitments and contingencies, concentrations and factors that may affect future operations - Additional Information (Detail) ¥ in Millions |
12 Months Ended |
---|---|
Mar. 31, 2020
JPY (¥)
| |
Commitments and Contingencies Disclosure [Line Items] | |
Guarantee contracts obligations, maximum potential amount of future payments | ¥ 3,333,385 |
Guarantee contracts obligations, liabilities | 10,615 |
Purchase Commitment | |
Commitments and Contingencies Disclosure [Line Items] | |
Commitments outstanding for purchase of property, plant and equipment, service and other assets | ¥ 362,071 |
Minimum | |
Commitments and Contingencies Disclosure [Line Items] | |
Payment guarantee period | 1 month |
Maximum | |
Commitments and Contingencies Disclosure [Line Items] | |
Payment guarantee period | 8 years |
Lease commitments (Minimum Rental Payments Required Under Operating Leases Relating to Land, Buildings and Equipment) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Schedule of Operating Leases [Line Items] | ||
2020 | ¥ 41,618 | ¥ 16,078 |
2021 | 33,648 | 13,396 |
2022 | 26,890 | 11,862 |
2023 | 22,640 | 10,219 |
2024 | 20,437 | 8,034 |
Thereafter | 165,454 | 32,598 |
Total minimum lease payments | ¥ 310,687 | ¥ 92,187 |
Finance receivables (Schedule of Finance Receivables) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables | ¥ 17,966,060 | ¥ 17,894,598 | ||
Deferred origination costs | 221,200 | 204,304 | ||
Unearned income | (919,053) | (986,928) | ||
Allowance for credit losses | (230,178) | (183,085) | ||
Total finance receivables, net | 17,038,029 | 16,928,889 | ||
Less - Current portion | (6,614,171) | (6,647,771) | ||
Noncurrent finance receivables, net | 10,423,858 | 10,281,118 | ||
Retail Receivables Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables | 12,795,076 | 12,768,305 | ||
Allowance for credit losses | (151,490) | (117,594) | ¥ (103,457) | ¥ (104,354) |
Finance Lease Receivables Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables | 1,691,371 | 1,636,536 | ||
Allowance for credit losses | (30,899) | (26,483) | (28,817) | (23,962) |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables | 3,479,613 | 3,489,757 | ||
Allowance for credit losses | ¥ (47,789) | ¥ (39,008) | ¥ (36,800) | ¥ (30,896) |
Fair value measurements - Additional Information (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Level 3 | ||
Fair Value Measurements [Line Items] | ||
Finance receivables, fair value | ¥ 50,850 | ¥ 58,611 |
Level 3 | Financing receivable | ||
Fair Value Measurements [Line Items] | ||
Fair value, assets measured on nonrecurring basis, gain (loss) | ¥ 3,761 | ¥ (3,305) |
Japanese bonds | Available-for-sale Securities | Public and Corporate Bonds | ||
Fair Value Measurements [Line Items] | ||
Percentage of Assets | 20.00% | 17.00% |
U.S., European and other bonds | Available-for-sale Securities | Public and Corporate Bonds | ||
Fair Value Measurements [Line Items] | ||
Percentage of Assets | 80.00% | 83.00% |
Japan | Available-for-sale Securities | Common stocks | ||
Fair Value Measurements [Line Items] | ||
Percentage of Assets | 90.00% | 91.00% |
Maximum | ||
Fair Value Measurements [Line Items] | ||
Cash equivalents maturity period | 3 months | |
Maximum | Level 2 | Cash Equivalents | ||
Fair Value Measurements [Line Items] | ||
Negotiable certificate of deposit original maturities | 3 months | |
Maximum | Level 2 | Time Deposit | ||
Fair Value Measurements [Line Items] | ||
Negotiable certificate of deposit original maturities | 3 months |
Income taxes (Reconciliation of Differences Between Statutory Tax Rate and Effective Income Tax Rate) (Detail) - Japanese Tax Authority |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Reconciliation of Statutory Federal Tax Rate [Line Items] | |||
Statutory tax rate | 30.90% | 30.90% | 31.10% |
Increase (reduction) in taxes resulting from: | |||
Non-deductible expenses | 0.40% | 0.40% | 0.40% |
Deferred tax liabilities on undistributed earnings of foreign subsidiaries | 1.00% | 1.20% | 1.10% |
Deferred tax liabilities on undistributed earnings of affiliated companies accounted for by the equity method | 1.70% | 3.10% | 3.80% |
Valuation allowance | 0.50% | 0.20% | (2.00%) |
Tax credits | (4.90%) | (5.30%) | (4.30%) |
The difference between the statutory tax rate in Japan and that of foreign subsidiaries | (2.70%) | (2.30%) | (1.50%) |
Unrecognized tax benefits adjustments | (0.40%) | (0.10%) | 0.20% |
Revision to reduce deferred tax assets and liabilities at the fiscal year-end due to changes in tax rates | 0.00% | 0.00% | 0.00% |
Effect of the Tax Cuts and Jobs Act of 2017 of the United States | 0 | 0 | (9.5) |
Other | 0.30% | 0.80% | (0.10%) |
Effective income tax rate | 26.80% | 28.90% | 19.20% |
Product warranties and recalls and other safety measures (Net Changes in Liabilities for Recalls and Other Safety Measures which are Comprised in Liabilities for Quality Assurances) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Product Liability Contingency [Line Items] | |||
Liabilities for recalls and other safety measures at beginning of year | ¥ 1,302,309 | ¥ 1,275,256 | ¥ 1,275,200 |
Payments made during year | (363,708) | (396,971) | (456,177) |
Provision for recalls and other safety measures | 169,134 | 428,613 | 454,391 |
Other | (3,024) | (4,589) | 1,842 |
Liabilities for recalls and other safety measures at end of year | ¥ 1,104,711 | ¥ 1,302,309 | ¥ 1,275,256 |
Supplemental cash flow information - Additional Information (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Schedule of Cash Flow, Supplemental [Line Items] | |||
Cash payments for income taxes | ¥ 752,205 | ¥ 836,619 | ¥ 500,214 |
Interest payments | ¥ 529,555 | 507,812 | 422,720 |
Finance lease obligations incurred | ¥ 6,086 | ¥ 4,467 |
Fair value measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the fair values of the assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and 2020. Transfers between levels of the fair value are recognized at the end of their respective reporting periods:
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Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the periods ended March 31, 2018, 2019 and 2020:
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Short-term borrowings and long-term debt (Long-term Debt) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | ¥ 10,692,898 | ¥ 10,550,945 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities, Total | 15,266,943 | 14,805,205 |
Less - Current portion due within one year | (4,574,045) | (4,254,260) |
Unsecured Debt | Bank Loan Obligations | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,713,541 | 3,441,336 |
Secured Debt | Finance Receivables Securitization | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,983,976 | 1,840,204 |
Medium-term Notes | Consolidated Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 7,442,590 | 7,372,550 |
Unsecured Notes | Consolidated Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,412,368 | 1,566,994 |
Unsecured Notes | Parent Company | ||
Debt Instrument [Line Items] | ||
Long-term debt | 650,905 | 511,980 |
Secured Notes | Consolidated Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 34,626 | 53,120 |
Long-term Finance Lease Obligations | ||
Debt Instrument [Line Items] | ||
Long-term debt and finance lease obligations | ¥ 28,937 | ¥ 19,021 |
Finance receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finance Receivables | Finance receivables consist of the following:
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Summary of Contractual Maturities | The contractual maturities of retail receivables, the future minimum lease payments on finance leases and the contractual maturities of wholesale and other dealer loans at March 31, 2020 are summarized as follows:
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Summary of Finance Leases | Finance leases consist of the following:
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Amount of Finance Receivables Segregated into Aging Categories Based on Number of Days Outstanding | The table below shows the amount of the finance receivables segregated into aging categories based on the number of days outstanding as of March 31, 2019 and 2020:
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Recorded Investment for Credit Quality of Finance Receivable within Wholesale and Other Dealer Loan Receivables Portfolio Segment | The tables below show the recorded investment for credit quality of the finance receivable within the wholesale and other dealer loan receivables portfolio segment as of March 31, 2019 and 2020: The wholesale and other dealer loan receivables portfolio segment is primarily segregated into credit qualities below based on internal risk assessments by dealers. Performing: Account not classified as either Credit Watch, At Risk or Default Credit Watch: Account designated for elevated attention
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Impaired Finance Receivables | The tables below summarize information about impaired finance receivables:
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Affiliated companies and variable interest entities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Information for Affiliated Companies Accounted for by Equity Method | Summarized financial information for affiliated companies accounted for by the equity method is shown below:
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Entities Comprising Significant Portion of Toyota's Investment in Affiliated Companies and Percentage of Ownership | Entities comprising a significant portion of Toyota’s investment in affiliated companies and percentage of ownership are presented below:
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Account Balances and Transactions with Affiliated Companies | Account balances and transactions with affiliated companies are presented below:
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Allowance for doubtful accounts and credit losses (Allowance for Doubtful Accounts Relating to Trade Accounts and Notes Receivable) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for doubtful accounts at beginning of year | ¥ 90,373 | ¥ 98,590 | ¥ 100,712 |
Provision for doubtful accounts, net of reversal | 5,689 | (1,375) | (74) |
Write-offs | (2,691) | (2,472) | (2,374) |
Other | (3,019) | (4,370) | 326 |
Allowance for doubtful accounts at end of year | ¥ 90,352 | ¥ 90,373 | ¥ 98,590 |
Fair value measurements (Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Assets | ||
Derivative financial instruments | ¥ 503,826 | ¥ 200,333 |
Liabilities | ||
Derivative financial instruments | (437,008) | (231,915) |
Fair Value, Measurements, Recurring | ||
Assets | ||
Cash equivalents | 1,303,306 | 843,393 |
Time deposits | 350,000 | 520,000 |
Derivative financial instruments | 503,826 | 200,333 |
Total | 9,783,370 | 9,858,713 |
Liabilities | ||
Derivative financial instruments | (437,008) | (231,915) |
Total | (437,008) | (231,915) |
Fair Value, Measurements, Recurring | Public and Corporate Bonds | ||
Assets | ||
Marketable securities and other securities investments | 5,411,299 | 5,846,189 |
Fair Value, Measurements, Recurring | Common stocks | ||
Assets | ||
Marketable securities and other securities investments | 1,895,690 | 2,154,951 |
Fair Value, Measurements, Recurring | Other Investments | ||
Assets | ||
Marketable securities and other securities investments | 221,562 | 195,396 |
Fair Value, Measurements, Recurring | Investments | ||
Assets | ||
Marketable securities and other securities investments | 97,687 | 98,451 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets | ||
Cash equivalents | 711,106 | 249,193 |
Total | 6,015,654 | 6,972,076 |
Level 1 | Fair Value, Measurements, Recurring | Public and Corporate Bonds | ||
Assets | ||
Marketable securities and other securities investments | 3,214,773 | 4,378,543 |
Level 1 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets | ||
Marketable securities and other securities investments | 1,895,690 | 2,154,951 |
Level 1 | Fair Value, Measurements, Recurring | Other Investments | ||
Assets | ||
Marketable securities and other securities investments | 194,085 | 189,389 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets | ||
Cash equivalents | 592,200 | 594,200 |
Time deposits | 350,000 | 520,000 |
Derivative financial instruments | 503,826 | 200,256 |
Total | 3,657,198 | 2,772,938 |
Liabilities | ||
Derivative financial instruments | (437,008) | (231,915) |
Total | (437,008) | (231,915) |
Level 2 | Fair Value, Measurements, Recurring | Public and Corporate Bonds | ||
Assets | ||
Marketable securities and other securities investments | 2,183,695 | 1,452,475 |
Level 2 | Fair Value, Measurements, Recurring | Other Investments | ||
Assets | ||
Marketable securities and other securities investments | 27,477 | 6,007 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets | ||
Derivative financial instruments | 77 | |
Total | 12,831 | 15,248 |
Liabilities | ||
Derivative financial instruments | 0 | |
Total | 0 | |
Level 3 | Fair Value, Measurements, Recurring | Public and Corporate Bonds | ||
Assets | ||
Marketable securities and other securities investments | ¥ 12,831 | ¥ 15,171 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Prepaid expenses and Other current assets | ||
Restricted cash and cash equivalents | ¥ 221,672 | ¥ 131,811 |
Finance receivables - Additional Information (Detail) - Geographic Concentration Ratio - Finance receivables |
12 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
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North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk Percentage | 55.80% | 55.20% |
Europe | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk Percentage | 12.60% | 12.30% |
Japan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk Percentage | 8.80% | 8.20% |
Asia | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk Percentage | 13.00% | 13.00% |
Other Countries | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk Percentage | 9.80% | 11.30% |
Finance receivables (Credit Quality of Finance Receivable within Wholesale and Other Dealer Loan Receivables Portfolio Segment) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | ¥ 17,966,060 | ¥ 17,894,598 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 3,479,613 | 3,489,757 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 3,102,214 | 3,099,802 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Credit Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 238,507 | 247,198 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | At Risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 104,962 | 114,303 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Default | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 33,930 | 28,454 |
Wholesale | Wholesale and Other Dealer Loan Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 1,654,788 | 1,806,989 |
Wholesale | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 1,441,320 | 1,566,475 |
Wholesale | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Credit Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 133,892 | 156,740 |
Wholesale | Wholesale and Other Dealer Loan Receivables Portfolio Segment | At Risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 54,251 | 58,550 |
Wholesale | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Default | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 25,325 | 25,224 |
Real estate | Wholesale and Other Dealer Loan Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 857,693 | 873,533 |
Real estate | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 729,474 | 743,379 |
Real estate | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Credit Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 82,322 | 81,848 |
Real estate | Wholesale and Other Dealer Loan Receivables Portfolio Segment | At Risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 37,379 | 45,564 |
Real estate | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Default | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 8,518 | 2,742 |
Working capital | Wholesale and Other Dealer Loan Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 967,132 | 809,235 |
Working capital | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 931,420 | 789,948 |
Working capital | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Credit Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 22,293 | 8,610 |
Working capital | Wholesale and Other Dealer Loan Receivables Portfolio Segment | At Risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 13,332 | 10,189 |
Working capital | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Default | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | ¥ 87 | ¥ 488 |
Affiliated companies and variable interest entities (Summary of Financial Information for Affiliated Companies Accounted for by Equity Method) (Detail) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020
JPY (¥)
Entity
|
Mar. 31, 2019
JPY (¥)
Entity
|
Mar. 31, 2018
JPY (¥)
|
|
Schedule of Equity Method Investments [Line Items] | |||
Current assets | ¥ 16,551,569 | ¥ 13,555,478 | |
Noncurrent assets | 14,869,913 | 12,464,250 | |
Total assets | 31,421,482 | 26,019,728 | |
Current liabilities | 9,819,357 | 8,322,336 | |
Long-term liabilities and noncontrolling interests | 9,421,112 | 6,398,659 | |
Affiliated companies accounted for by the equity method shareholders' equity | 12,181,013 | 11,298,733 | |
Total liabilities and shareholders' equity | 31,421,482 | 26,019,728 | |
Toyota's share of affiliated companies accounted for by the equity method shareholders' equity | ¥ 4,090,790 | ¥ 3,313,703 | ¥ 3,162,711 |
Number of affiliated companies accounted for by the equity method at end of period | Entity | 72 | 63 | |
Net revenues | ¥ 35,340,807 | ¥ 32,200,711 | 30,680,535 |
Gross profit | 4,315,967 | 4,070,621 | 4,065,344 |
Net income attributable to affiliated companies accounted for by the equity method | 841,938 | 857,832 | 1,344,687 |
Equity in earnings of affiliated companies attributable to Toyota Motor Corporation | ¥ 271,152 | ¥ 360,066 | ¥ 470,083 |
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
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Net income attributable to common shareholders | ¥ 2,058,899 | ¥ 1,868,085 | ¥ 2,481,692 |
Dividend and accretion to Model AA Class Shares | ¥ 17,284 | ¥ 14,788 | ¥ 12,291 |
Net revenues - Additional Information (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue | ¥ 29,929,992 | ¥ 30,225,681 |
Contract with customer liability reclassified to revenue | 366,655 | 336,206 |
Revenue remaining performance obligation | 589,844 | |
Insurance Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue remaining performance obligation | 223,754 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Insurance Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue remaining performance obligation | ¥ 65,168 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Insurance Revenues | Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue remaining performance obligation, period of recognition | 3 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Insurance Revenues | Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue remaining performance obligation, period of recognition | 120 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Insurance Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue remaining performance obligation | ¥ 158,586 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Maintenance Revenue | Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue remaining performance obligation, period of recognition | 18 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Maintenance Revenue | Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue remaining performance obligation, period of recognition | 84 months | |
Accounting Standards Update 2014-09 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | ¥ 85,192 | ¥ 84,230 |
Segment data (Statements of Income - Non-financial Services and Financial Services Businesses) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
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Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenues | ¥ 29,929,992 | ¥ 30,225,681 | ¥ 29,379,510 |
Costs and expenses | |||
Selling, general and administrative | 2,964,759 | 2,976,351 | 3,090,495 |
Total costs and expenses | 27,487,123 | 27,758,136 | 26,979,648 |
Operating income | 2,442,869 | 2,467,545 | 2,399,862 |
Other income (expense), net | 111,738 | (182,080) | 220,567 |
Income before income taxes and equity in earnings of affiliated companies | 2,554,607 | 2,285,465 | 2,620,429 |
Provision for income taxes | 683,430 | 659,944 | 504,406 |
Equity in earnings of affiliated companies | 271,152 | 360,066 | 470,083 |
Net income | 2,142,329 | 1,985,587 | 2,586,106 |
Less - Net income attributable to noncontrolling interests | (66,146) | (102,714) | (92,123) |
Net income attributable to Toyota Motor Corporation | 2,076,183 | 1,882,873 | 2,493,983 |
Eliminations | |||
Costs and expenses | |||
Net income attributable to Toyota Motor Corporation | 32 | 23 | (2) |
Non Financial Services Businesses | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenues | 27,775,932 | 28,133,676 | 27,448,165 |
Costs and expenses | |||
Cost of revenues | 23,143,209 | 23,400,550 | 22,613,450 |
Selling, general and administrative | 2,483,501 | 2,591,249 | 2,721,362 |
Total costs and expenses | 25,626,710 | 25,991,799 | 25,334,812 |
Operating income | 2,149,222 | 2,141,877 | 2,113,353 |
Other income (expense), net | 130,259 | (161,608) | 222,326 |
Income before income taxes and equity in earnings of affiliated companies | 2,279,481 | 1,980,269 | 2,335,679 |
Provision for income taxes | 618,252 | 580,031 | 738,763 |
Equity in earnings of affiliated companies | 260,149 | 357,527 | 467,718 |
Net income | 1,921,378 | 1,757,765 | 2,064,634 |
Less - Net income attributable to noncontrolling interests | (67,559) | (97,500) | (89,533) |
Net income attributable to Toyota Motor Corporation | 1,853,819 | 1,660,265 | 1,975,101 |
Financial Services Business | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenues | 2,190,559 | 2,153,547 | 2,017,008 |
Costs and expenses | |||
Cost of revenues | 1,395,211 | 1,418,636 | 1,320,348 |
Selling, general and administrative | 503,165 | 412,090 | 411,114 |
Total costs and expenses | 1,898,376 | 1,830,726 | 1,731,462 |
Operating income | 292,183 | 322,821 | 285,546 |
Other income (expense), net | (17,103) | (17,658) | (794) |
Income before income taxes and equity in earnings of affiliated companies | 275,080 | 305,163 | 284,752 |
Provision for income taxes | 65,164 | 79,903 | (234,356) |
Equity in earnings of affiliated companies | 11,003 | 2,539 | 2,365 |
Net income | 220,919 | 227,799 | 521,473 |
Less - Net income attributable to noncontrolling interests | 1,413 | (5,214) | (2,589) |
Net income attributable to Toyota Motor Corporation | ¥ 222,332 | ¥ 222,585 | ¥ 518,884 |
Short-term borrowings and long-term debt (Short-term Borrowings) (Detail) - JPY (¥) ¥ in Millions |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Short-term Debt [Line Items] | ||
Loans, principally from banks, with a weighted-average interest at March 31, 2019 and March 31, 2020 of 2.11% and of 2.03% per annum, respectively | ¥ 1,179,230 | ¥ 1,468,430 |
Commercial paper with a weighted-average interest at March 31, 2019 and March 31, 2020 of 2.28% and of 1.50% per annum, respectively | 4,106,796 | 3,876,544 |
Short-term borrowings | ¥ 5,286,026 | ¥ 5,344,973 |
Vehicles and equipment on operating leases - Additional Information (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
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Leases Disclosure [Line Items] | |||
Rental income from vehicles and equipment on operating leases | ¥ 945,091 | ¥ 959,497 | ¥ 927,443 |
Cover Page |
12 Months Ended |
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Mar. 31, 2020
shares
| |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | TOYOTA MOTOR CORP/ |
Entity Central Index Key | 0001094517 |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 2,766,152,532 |
Entity Voluntary Filers | No |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Entity Interactive Data Current | Yes |
Document Shell Company Report | false |
Entity File Number | 001-14948 |
Entity Incorporation, State or Country Code | M0 |
Entity Address, Address Line One | 1 Toyota-cho |
Entity Address, City or Town | Toyota City |
Entity Address, Country | JP |
Entity Address, Postal Zip Code | 471-8571 |
Document Accounting Standard | U.S. GAAP |
American Depositary Shares [Member] | |
Trading Symbol | TM |
Title of 12(b) Security | American Depositary Shares |
Security Exchange Name | NYSE |
Common Stock [Member] | |
Title of 12(b) Security | Common Stock |
Security Exchange Name | NONE |
No Trading Symbol Flag | true |
Business Contact [Member] | |
Entity Address, Address Line One | Toyota-cho |
Entity Address, City or Town | Toyota City |
Entity Address, Country | JP |
Entity Address, Postal Zip Code | 471-8571 |
Contact Personnel Name | Nobukazu Takano |
City Area Code | 565 |
Local Phone Number | 28-2121 |
Lease commitments (Tables) |
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Analysis of Leased Assets Under Capital Leases | An analysis of leased assets under finance leases is as follows:
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Minimum Rental Payments Required Under Operating Leases Relating to Land, Buildings and Equipment | The minimum rental payments required under operating leases relating primarily to land, buildings and equipment having initial or remaining non-cancelable lease terms in excess of one year at March 31, 2019 are as follows:
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Summary of lease cost | An analysis of lease payment is as follows:
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Summary of Other supplementary information | Other supplementary information is as follows :
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Future Minimum Lease Payments Under Capital Leases Together with Present Value of Net Minimum Lease Payments | Future minimum lease payments under finance leases and operating leases together with the present value of the net minimum lease payments as of
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Future Minimum Lease Payments Under Finance And Operating Leases Together with Present Value of Net Minimum Lease Payments | Future minimum lease payments under finance leases and operating leases together with the present value of the net minimum lease payments as of
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Stock-based compensation (Tables) |
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Summary of Toyota's Stock Option Activity | The following table summarizes Toyota’s stock option activity:
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Shareholders' equity (Additional Information Regarding Repurchase, Reissuance and Retirement of Treasury Stock) (Detail) - JPY (¥) ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Repurchase of Treasury Stock | To return capital to shareholders | |||
Equity, Class of Treasury Stock [Line Items] | |||
Reason for repurchasing treasury stock | For the years ended March 31, 2020, 2019 and 2018, The repurchase was made to return capital to shareholders in addition to promoting capital efficiency and agile capital policy in view of the business environment. | ||
Number of common shares repurchased | 69,532,900 | 77,622,700 | 73,708,400 |
Total purchase price for repurchase of shares | ¥ 500,139 | ¥ 549,986 | ¥ 499,989 |
Reissuance of Treasury Stock | Business Cooperation With Mazda | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of common shares reissued | 3,269,500 | ||
Amount of reissuance | ¥ 24,181 |
Class Shares (Additional Information Regarding Model AA Class Shares) (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Jul. 24, 2015 |
|
Class of Stock [Line Items] | |||
Total number of shares issued | 47,100,000 | 47,100,000 | |
Unpaid dividends included in mezzanine equity | ¥ 6,217 | ¥ 4,969 | |
Model AA Class Shares | |||
Class of Stock [Line Items] | |||
Total number of shares issued | 47,100,000 | ||
Issue price | ¥ 10,598 | ||
Purchase price | ¥ 10,121.09 | ||
Voting rights | Model AA Class Shares shall have voting rights. The number of shares constituting one unit with respect to Model AA Class Shares shall be 100. | ||
Restrictions on transfer | Model AA Class Shares shall have restrictions on transfer. | ||
Dividends | (1) If the record date falls in the fiscal year ending on March 31, 2016 : 0.5% of the issue price (2) If the record date falls in the fiscal year ending on March 31, 2017 through March 31, 2020 : the annual dividend rate for the previous fiscal year plus 0.5% of the issue price (3) If the record date falls in the fiscal year ending on March 31, 2021 or later : 2.5% of the issue price | ||
Shareholder's right | (1) Shareholder's conversion right into Common Shares Shareholders of the Model AA Class Shares may demand TMC to acquire all or a part of their Model AA Class Shares in exchange for Common Shares on the first business day of April and October of every year, starting October 1, 2020. (2) Shareholder's cash put option Shareholders of the Model AA Class Shares may demand TMC to acquire all or a part of their Model AA Class Shares in exchange for cash on the last business day of March, June, September and December of each year, starting on September 1, 2020. | ||
TMC's right | TMC may acquire, on or after April 2, 2021, all of the outstanding Model AA Class Shares in exchange for cash. |
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