Fair Values of Financial Instruments

12 Months Ended

Mar. 31, 2011

Fair Values of Financial Instruments [Abstract]

Fair Values of Financial Instruments

20. Fair Values of Financial Instruments

(1) Cash and Cash Equivalents, Time Deposits, Trade Notes and Accounts Receivable, Other Current Assets, Short-Term Debt, Trade Notes, Bills and Accounts Payables, and Other Current Liabilities

The carrying amount approximates fair value because of the short maturity of these instruments.

(2) Investment Securities, Marketable Equity Securities

The fair values of investment securities available for sale for which it is practicable to estimate fair value are based on quoted market prices and are recognized on the accompanying consolidated balance sheets.

(3) Long-Term Trade Receivables, Including Current Portion

The fair values of long-term trade receivables are based on the present value of future cash flows through maturity, discounted using estimated current interest rates. The fair values computed on such a basis approximate the carrying amounts (Note 4).

(4) Long-Term Debt, Including Current Portion

The fair values of each of the long-term debt are based on the quoted price in the most active market or the present value of future cash flows associated with each instrument discounted using the current borrowing rate for similar debt of comparable maturity.

(5) Derivatives(Notes 19 and 21)

The fair values of derivative financial instruments, consisting principally of foreign exchange contracts and interest swap agreements, are estimated by obtaining quotes from brokers and are recognized on the accompanying consolidated balance sheets.

The carrying amounts and the estimated fair values of the financial instruments, including financial instruments not qualifying as hedge, as of March 31, 2011 and 2010, are summarized as follows:

									Thousands of
	Millions of yen								U.S. dollars
	2011				2010				2011
	Carrying		Estimated		Carrying		Estimated		Carrying		Estimated
	amount		fair value		amount		fair value		amount		fair value
Investment securities, marketable equity securities	¥	49,372	¥	49,372	¥	47,178	¥	47,178	$	594,843	$	594,843
Long-term debt, including current portion		413,760		412,375		462,941		460,916		4,985,060		4,968,373
Derivatives:
Forward and options
Assets		423		423		181		181		5,096		5,096
Liabilities		2,968		2,968		2,078		2,078		35,759		35,759
Interest rate swaps, cross-currency swap and interest rate cap agreements
Assets		10,608		10,608		9,172		9,172		127,808		127,808
Liabilities		1,008		1,008		2,550		2,550		12,145		12,145

Limitations

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could affect the estimates.