Fair Value Measurements

12 Months Ended

Mar. 31, 2011

15. FAIR VALUE MEASUREMENTS

The following table presents the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis:


(¥ in millions)
At March 31:	Level 1		Level 2		Level 3		Total
2011:
Assets:
Available-for-sale securities:
Equity securities of financial institutions	¥	34,839	¥	—	¥	—	¥	34,839
Other equity securities		55,634		—		—		55,634
Derivatives:
Foreign exchange contracts		—		392		—		392

Total assets	¥	90,473	¥	392	¥	—	¥	90,865

Liabilities:
Derivatives:
Foreign exchange contracts	¥	—	¥	593	¥	—	¥	593
Interest rate swap contracts		—		1,365		—		1,365
Cross-currency interest rate swap contracts		—		2,539		—		2,539

Total liabilities	¥	—	¥	4,497	¥	—	¥	4,497

2010:
Assets:
Available-for-sale securities:
Equity securities of financial institutions	¥	44,186	¥	—	¥	—	¥	44,186
Other equity securities		54,985		—		—		54,985
Derivatives:
Foreign exchange contracts		—		16		—		16

Total assets	¥	99,171	¥	16	¥	—	¥	99,187

Liabilities:
Derivatives:
Foreign exchange contracts	¥	—	¥	474	¥	—	¥	474
Interest rate swap contracts		—		2,764		—		2,764
Cross-currency interest rate swap contracts		—		2,616		—		2,616

Total liabilities	¥	—	¥	5,854	¥	—	¥	5,854

Available-for-sale securities are valued using a quoted price for identical instruments in active markets. Derivatives are valued using observable market inputs from major international financial institutions.

- Definition

This element represents the disclosure related to the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods.

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