Fair Value Measurements

12 Months Ended

Mar. 31, 2013

Fair Value Measurements

17. FAIR VALUE MEASUREMENTS

Assets and liabilities that are measured at fair value on a recurring basis

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
2013:
Assets:
Available-for-sale securities:
Equity securities of financial institutions	¥	50,224	¥	—	¥	—	¥	50,224
Other equity securities		67,717		—		—		67,717
Derivatives:
Foreign exchange contracts		—		248		—		248
Cross-currency swap contracts		—		76		—		76
Cross-currency interest rate swap contracts		—		503		—		503
Total assets	¥	117,941	¥	827	¥	—	¥	118,768
Liabilities:
Derivatives:
Foreign exchange contracts	¥	—	¥	3,372	¥	—	¥	3,372
Cross-currency swap contracts		—		9		—		9
Interest rate swap contracts		—		155		—		155
Cross-currency interest rate swap contracts		—		1,226		—		1,226
Total liabilities	¥	—	¥	4,762	¥	—	¥	4,762
2012:
Assets:
Available-for-sale securities:
Equity securities of financial institutions	¥	34,339	¥	—	¥	—	¥	34,339
Other equity securities		58,060		—		—		58,060
Derivatives:
Foreign exchange contracts		—		342		—		342
Cross-currency swap contracts		—		197		—		197
Cross-currency interest rate swap contracts		—		3,011		—		3,011
Total assets	¥	92,399	¥	3,550	¥	—	¥	95,949
Liabilities:
Derivatives:
Foreign exchange contracts	¥	—	¥	2,161	¥	—	¥	2,161
Cross-currency swap contracts		—		63		—		63
Interest rate swap contracts		—		410		—		410
Cross-currency interest rate swap contracts		—		1,075		—		1,075
Total liabilities	¥	—	¥	3,709	¥	—	¥	3,709

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. The reconciliation to the line items presented in the consolidated balance sheets of available-for-sale securities and derivatives are disclosed in Note 4 and Note 15, respectively.

Assets and liabilities that are measured at fair value on a nonrecurring basis

The assets and liabilities that are measured at fair value on a nonrecurring basis were not material at March 31, 2013.

The Company measured a part of long-lived assets at the fair value of ¥ 3,937 million due to the recognition of impairment at March 31, 2012. The fair value is determined using the market approach based on the observable quoted price for similar assets in markets that are not active. The fair value measurement is categorized into Level 2. This long-lived asset is included in land in the consolidated balance sheets.