Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2017shares | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2017 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Trading Symbol | TM |
Entity Registrant Name | TOYOTA MOTOR CORP/ |
Entity Central Index Key | 1,094,517 |
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 | 2,974,722,856 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Current assets | ||
Cash and cash equivalents | ¥ 2,995,075 | ¥ 2,939,428 |
Time deposits | 1,082,654 | 1,032,034 |
Marketable securities | 1,821,598 | 1,511,389 |
Trade accounts and notes receivable, less allowance for doubtful accounts of ¥83,969 million in 2016 and ¥50,110 million in 2017 | 2,115,938 | 2,000,149 |
Finance receivables, net | 6,196,649 | 5,912,684 |
Other receivables | 436,867 | 451,406 |
Inventories | 2,388,617 | 2,061,511 |
Deferred income taxes | 967,607 | |
Prepaid expenses and other current assets | 796,297 | 1,333,345 |
Total current assets | 17,833,695 | 18,209,553 |
Noncurrent finance receivables, net | 9,012,222 | 8,642,947 |
Investments and other assets | ||
Marketable securities and other securities investments | 7,679,928 | 7,439,799 |
Affiliated companies | 2,845,639 | 2,631,612 |
Employees receivables | 25,187 | 32,998 |
Other | 1,156,406 | 730,271 |
Total investments and other assets | 11,707,160 | 10,834,680 |
Property, plant and equipment | ||
Land | 1,379,991 | 1,352,904 |
Buildings | 4,470,996 | 4,311,895 |
Machinery and equipment | 11,357,340 | 10,945,267 |
Vehicles and equipment on operating leases | 5,966,579 | 5,652,622 |
Construction in progress | 474,188 | 513,953 |
Total property, plant and equipment, at cost | 23,649,094 | 22,776,641 |
Less - Accumulated depreciation | (13,451,985) | (13,036,224) |
Total property, plant and equipment, net | 10,197,109 | 9,740,417 |
Total assets | 48,750,186 | 47,427,597 |
Current liabilities | ||
Short-term borrowings | 4,953,682 | 4,698,134 |
Current portion of long-term debt | 4,290,449 | 3,822,954 |
Accounts payable | 2,566,382 | 2,389,515 |
Other payables | 936,938 | 1,040,277 |
Accrued expenses | 3,137,827 | 2,726,120 |
Income taxes payable | 223,574 | 343,325 |
Other current liabilities | 1,210,113 | 1,104,131 |
Total current liabilities | 17,318,965 | 16,124,456 |
Long-term liabilities | ||
Long-term debt | 9,911,596 | 9,772,065 |
Accrued pension and severance costs | 905,070 | 904,911 |
Deferred income taxes | 1,423,726 | 2,046,089 |
Other long-term liabilities | 521,876 | 491,890 |
Total long-term liabilities | 12,762,268 | 13,214,955 |
Total liabilities | 30,081,233 | 29,339,411 |
Mezzanine equity | ||
Model AA Class Shares, no par value, authorized: 150,000,000 shares in 2016 and 2017; issued: 47,100,000 shares in 2016 and 2017 | 485,877 | 479,779 |
Toyota Motor Corporation shareholders' equity | ||
Common stock, no par value, authorized: 10,000,000,000 shares in 2016 and 2017; issued: 3,337,997,492 shares in 2016 and 3,262,997,492 shares in 2017 | 397,050 | 397,050 |
Additional paid-in capital | 484,013 | 548,161 |
Retained earnings | 17,601,070 | 16,794,240 |
Accumulated other comprehensive income (loss) | 640,922 | 610,768 |
Treasury stock, at cost, 300,321,622 shares in 2016 and 288,274,636 shares in 2017 | (1,608,243) | (1,603,284) |
Total Toyota Motor Corporation shareholders' equity | 17,514,812 | 16,746,935 |
Noncontrolling interests | 668,264 | 861,472 |
Total shareholders' equity | 18,183,076 | 17,608,407 |
Commitments and contingencies | ||
Total liabilities, mezzanine equity and shareholders' equity | ¥ 48,750,186 | ¥ 47,427,597 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Trade accounts and notes receivable, allowance for doubtful accounts, current | ¥ 50,110 | ¥ 83,969 |
Model AA Class Shares, no par value | ||
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 | ||
Common stock, authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, issued | 3,262,997,492 | 3,337,997,492 |
Treasury stock, shares | 288,274,636 | 300,321,622 |
Total number of authorized shares for common stock and Model AA Class Shares | 10,000,000,000 | 10,000,000,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net revenues | |||
Sales of products | ¥ 25,813,496 | ¥ 26,549,111 | ¥ 25,612,836 |
Financing operations | 1,783,697 | 1,854,007 | 1,621,685 |
Total net revenues | 27,597,193 | 28,403,118 | 27,234,521 |
Costs and expenses | |||
Cost of products sold | 21,543,035 | 21,456,086 | 20,916,362 |
Cost of financing operations | 1,191,301 | 1,149,379 | 925,314 |
Selling, general and administrative | 2,868,485 | 2,943,682 | 2,642,281 |
Total costs and expenses | 25,602,821 | 25,549,147 | 24,483,957 |
Operating income | 1,994,372 | 2,853,971 | 2,750,564 |
Other income (expense) | |||
Interest and dividend income | 158,983 | 157,862 | 147,122 |
Interest expense | (29,353) | (35,403) | (22,871) |
Foreign exchange gain (loss), net | 33,601 | (5,573) | 88,140 |
Other income (loss), net | 36,222 | 12,524 | (70,127) |
Total other income (expense) | 199,453 | 129,410 | 142,264 |
Income before income taxes and equity in earnings of affiliated companies | 2,193,825 | 2,983,381 | 2,892,828 |
Provision for income taxes | 628,900 | 878,269 | 893,469 |
Equity in earnings of affiliated companies | 362,060 | 329,099 | 308,545 |
Net income | 1,926,985 | 2,434,211 | 2,307,904 |
Less - Net income attributable to noncontrolling interests | (95,876) | (121,517) | (134,566) |
Net income attributable to Toyota Motor Corporation | ¥ 1,831,109 | ¥ 2,312,694 | ¥ 2,173,338 |
Net income attributable to Toyota Motor Corporation per common share | |||
- Basic | ¥ 605.47 | ¥ 741.36 | ¥ 688.02 |
- Diluted | 599.22 | 735.36 | 687.66 |
Cash dividends per common share | ¥ 210 | ¥ 210 | ¥ 200 |
CONSOLIDATED STATEMENTS OF INC5
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income attributable to common shareholders | ¥ 1,821,314 | ¥ 2,306,607 |
Dividend and accretion to Model AA Class Shares | ¥ 9,795 | ¥ 6,087 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | ¥ 1,926,985 | ¥ 2,434,211 | ¥ 2,307,904 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (57,926) | (395,352) | 404,352 |
Unrealized gains (losses) on securities | 4,279 | (312,192) | 577,703 |
Pension liability adjustments | 93,312 | (209,181) | 4,316 |
Other comprehensive income (loss), net of tax | 39,665 | (916,725) | 986,371 |
Total comprehensive income | 1,966,650 | 1,517,486 | 3,294,275 |
Less - Comprehensive income attributable to noncontrolling interests | (103,161) | (71,569) | (171,553) |
Comprehensive income attributable to Toyota Motor Corporation | ¥ 1,863,489 | ¥ 1,445,917 | ¥ 3,122,722 |
CONSOLIDATED STATEMENTS OF SHAR
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, 2014 | ¥ 15,218,987 | ¥ 397,050 | ¥ 551,308 | ¥ 14,116,295 | ¥ 528,161 | ¥ (1,123,666) | ¥ 14,469,148 | ¥ 749,839 |
Equity transaction with noncontrolling interests and other | 6,679 | (422) | (422) | 7,101 | ||||
Comprehensive income | ||||||||
Net income | 2,307,904 | 2,173,338 | 2,173,338 | 134,566 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | 404,352 | 380,448 | 380,448 | 23,904 | ||||
Unrealized gains (losses) on securities | 577,703 | 567,002 | 567,002 | 10,701 | ||||
Pension liability adjustments | 4,316 | 1,934 | 1,934 | 2,382 | ||||
Total comprehensive income | 3,294,275 | 3,122,722 | 171,553 | |||||
Dividends paid to Toyota Motor Corporation common shareholders | (554,933) | (554,933) | (554,933) | |||||
Dividends paid to noncontrolling interests | (69,295) | (69,295) | ||||||
Repurchase of treasury stock | (360,233) | (360,233) | (360,233) | |||||
Reissuance of treasury stock | 111,849 | (2,136) | (23,290) | 137,275 | 111,849 | |||
Retirement of treasury stock | (1,696) | (119,463) | 121,159 | |||||
Balances at Mar. 31, 2015 | 17,647,329 | 397,050 | 547,054 | 15,591,947 | 1,477,545 | (1,225,465) | 16,788,131 | 859,198 |
Equity transaction with noncontrolling interests and other | 5,709 | 1,972 | (97) | 1,875 | 3,834 | |||
Comprehensive income | ||||||||
Net income | 2,434,211 | 2,312,694 | 2,312,694 | 121,517 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | (395,352) | (362,965) | (362,965) | (32,387) | ||||
Unrealized gains (losses) on securities | (312,192) | (302,620) | (302,620) | (9,572) | ||||
Pension liability adjustments | (209,181) | (201,192) | (201,192) | (7,989) | ||||
Total comprehensive income | 1,517,486 | 1,445,917 | 71,569 | |||||
Accretion to Mezzanine equity | (3,638) | (3,638) | (3,638) | |||||
Dividends to Toyota Motor Corporation class shareholders | (2,449) | (2,449) | (2,449) | |||||
Dividends paid to Toyota Motor Corporation common shareholders | (704,728) | (704,728) | (704,728) | |||||
Dividends paid to noncontrolling interests | (73,129) | (73,129) | ||||||
Repurchase of treasury stock | (782,871) | (782,871) | (782,871) | |||||
Reissuance of treasury stock | 4,698 | 183 | 4,515 | 4,698 | ||||
Retirement of treasury stock | (1,048) | (399,489) | 400,537 | |||||
Balances at Mar. 31, 2016 | 17,608,407 | 397,050 | 548,161 | 16,794,240 | 610,768 | (1,603,284) | 16,746,935 | 861,472 |
Equity transaction with noncontrolling interests and other | 13,347 | (35,555) | (2,226) | 283,561 | 245,780 | (232,433) | ||
Comprehensive income | ||||||||
Net income | 1,926,985 | 1,831,109 | 1,831,109 | 95,876 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | (57,926) | (52,427) | (52,427) | (5,499) | ||||
Unrealized gains (losses) on securities | 4,279 | (8,002) | (8,002) | 12,281 | ||||
Pension liability adjustments | 93,312 | 92,809 | 92,809 | 503 | ||||
Total comprehensive income | 1,966,650 | 1,863,489 | 103,161 | |||||
Accretion to Mezzanine equity | (4,849) | (4,849) | (4,849) | |||||
Dividends to Toyota Motor Corporation class shareholders | (4,946) | (4,946) | (4,946) | |||||
Dividends paid to Toyota Motor Corporation common shareholders | (634,475) | (634,475) | (634,475) | |||||
Dividends paid to noncontrolling interests | (63,936) | (63,936) | ||||||
Repurchase of treasury stock | (700,228) | (700,228) | (700,228) | |||||
Reissuance of treasury stock | 3,106 | (1,219) | 4,325 | 3,106 | ||||
Retirement of treasury stock | (27,374) | (380,009) | 407,383 | |||||
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 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | |||
Net income | ¥ 1,926,985 | ¥ 2,434,211 | ¥ 2,307,904 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 1,610,950 | 1,625,837 | 1,409,075 |
Provision for doubtful accounts and credit losses | 98,666 | 159,265 | 78,969 |
Pension and severance costs, less payments | 23,253 | 8,833 | (3,161) |
Losses on disposal of fixed assets | 30,673 | 33,329 | 31,625 |
Unrealized losses on available-for-sale securities, net | 7,073 | 9,272 | 2,578 |
Deferred income taxes | (53,299) | 32,889 | (26,887) |
Equity in earnings of affiliated companies | (362,060) | (329,099) | (308,545) |
Changes in operating assets and liabilities, and other | |||
Increase in accounts and notes receivable | (264,784) | (25,180) | (69,477) |
Increase in inventories | (246,326) | (68,912) | (171,001) |
Increase in other current assets | (152,116) | (200,669) | (43,355) |
Increase in accounts payable | 145,957 | 120,381 | 150,058 |
Decrease in accrued income taxes | (121,032) | (5,516) | (246,043) |
Increase in other current liabilities | 480,094 | 368,923 | 494,254 |
Other | 290,203 | 297,293 | 79,759 |
Net cash provided by operating activities | 3,414,237 | 4,460,857 | 3,685,753 |
Cash flows from investing activities | |||
Additions to finance receivables | (13,636,694) | (13,549,278) | (13,126,596) |
Collection of finance receivables | 12,885,944 | 13,067,700 | 12,426,475 |
Proceeds from sales of finance receivables | 42,037 | 48,154 | 23,913 |
Additions to fixed assets excluding equipment leased to others | (1,223,878) | (1,282,545) | (1,146,318) |
Additions to equipment leased to others | (2,317,559) | (2,776,671) | (2,211,250) |
Proceeds from sales of fixed assets excluding equipment leased to others | 41,238 | 42,147 | 41,547 |
Proceeds from sales of equipment leased to others | 1,238,278 | 1,111,727 | 803,423 |
Purchases of marketable securities and security investments | (2,517,008) | (2,197,477) | (3,194,294) |
Proceeds from sales of marketable securities and security investments | 260,039 | 108,708 | 113,348 |
Proceeds upon maturity of marketable securities and security investments | 1,641,502 | 3,307,107 | 2,569,653 |
Payment for additional investments in affiliated companies, net of cash acquired | 44,274 | 628 | |
Changes in investments and other assets, and other | 571,888 | (1,062,744) | (113,391) |
Net cash used in investing activities | (2,969,939) | (3,182,544) | (3,813,490) |
Cash flows from financing activities | |||
Proceeds from issuance of long-term debt | 4,603,446 | 4,845,872 | 5,029,018 |
Payments of long-term debt | (3,845,554) | (4,176,202) | (3,462,237) |
Increase (decrease) in short-term borrowings | 273,037 | (10,903) | (288,724) |
Proceeds from issuance of class shares | 474,917 | ||
Dividends paid to Toyota Motor Corporation class shareholders | (3,697) | (1,225) | |
Dividends paid to Toyota Motor Corporation common shareholders | (634,475) | (704,728) | (554,933) |
Dividends paid to noncontrolling interests | (63,936) | (73,129) | (69,295) |
Reissuance (repurchase) of treasury stock, and other | (703,986) | (778,173) | (347,784) |
Net cash provided by (used in) financing activities | (375,165) | (423,571) | 306,045 |
Effect of exchange rate changes on cash and cash equivalents | (13,486) | (199,871) | 65,079 |
Net increase in cash and cash equivalents | 55,647 | 654,871 | 243,387 |
Cash and cash equivalents at beginning of year | 2,939,428 | 2,284,557 | 2,041,170 |
Cash and cash equivalents at end of year | ¥ 2,995,075 | ¥ 2,939,428 | ¥ 2,284,557 |
Nature of operations
Nature of operations | 12 Months Ended |
Mar. 31, 2017 | |
Nature of operations | 1. Nature of operations: Toyota and its affiliated companies are primarily engaged in the design, manufacture, and sale of sedans, minivans, compact cars, sport-utility vehicles, trucks and related parts and accessories throughout the world. In addition, Toyota and its affiliated companies provide financing, vehicle and equipment leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Toyota and its affiliated companies. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Mar. 31, 2017 | |
Summary of significant accounting policies | 2. Summary of significant accounting policies: The parent company and its subsidiaries in Japan and its foreign subsidiaries maintain their records and prepare their financial statements in accordance with Japanese generally accepted accounting principles and those of their countries of domicile. Certain adjustments and reclassifications have been incorporated in the accompanying consolidated financial statements to conform to U.S.GAAP. Significant accounting policies after reflecting adjustments for the above are as follows: 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 net realizable value if a decline in market value is determined other-than-temporary. Investments in non-public companies in which Toyota does not exercise significant influence (generally less than a 20% ownership interest) are stated at cost. 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 marketable securities, litigation liabilities and valuation allowance for deferred tax assets. 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. Revenue recognition - Revenues from sales of vehicles and parts are generally recognized upon delivery which is considered to have occurred when the dealer has taken title to the product and the risk and reward of ownership have been substantively transferred, except as described below. 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. 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 a manner similar to operating lease accounting. The underlying vehicles of these transactions are recorded as assets and are depreciated in accordance with Toyota’s depreciation policy. 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. The sale of certain vehicles includes a determinable amount for the contract, which entitles customers to free vehicle maintenance. Such revenues from free maintenance contracts are deferred and recognized as revenue over the period of the contract, which approximates the pattern of the related costs. Other costs - Advertising and sales promotion costs are expensed as incurred. Advertising costs were ¥435,150 million, ¥489,036 million and ¥448,780 million for the years ended March 31, 2015, 2016 and 2017, 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 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 ¥1,004,547 million, ¥1,055,672 million and ¥1,037,528 million for the years ended March 31, 2015, 2016 and 2017, respectively. 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. Marketable securities - Marketable securities consist of debt and equity securities. Debt and equity securities designated as available-for-sale are carried at fair value with unrealized gains or losses included 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 net realizable 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 and the extent to which the fair value has been less than the carrying value, the financial condition and prospects of the company and Toyota’s ability and intent to retain its investment in the company for a period of time sufficient to allow for any anticipated recovery in market value. Realized gains and losses, which are determined on the average-cost method, are reflected in the consolidated statements of income when realized. Security investments in non-public companies - Security investments in non-public companies are carried at cost as fair value is not readily determinable. If the value of a non-public security investment is estimated to have declined and such decline is judged to be other-than-temporary, Toyota recognizes the impairment of the investment and the carrying value is reduced to its fair value. Determination of impairment is based on the consideration of such factors as operating results, business plans and estimated future cash flows. Fair value is determined principally through the use of the latest financial information. 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, 2016 and 2017, finance receivables on nonaccrual status are as follows: Yen in millions March 31, 2016 2017 Retail 8,107 7,064 Finance leases 682 2,297 Wholesale 16,122 15,018 Real estate 16,801 12,632 Working capital 822 561 42,534 37,572 As of March 31, 2016 and 2017, finance receivables 90 days or more past due and accruing are as follows: Yen in millions March 31, 2016 2017 Retail 23,419 26,616 Finance leases 3,984 3,526 27,403 30,142 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. 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. Inventories - Inventories are valued at cost, not in excess of market, 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 ¥382,660 million and ¥433,802 million at March 31, 2016 and 2017, respectively. Had the “first-in, first-out” basis been used for those companies using the LIFO basis, inventories would have been ¥13,297 million and ¥40,650 million higher than reported at March 31, 2016 and 2017, respectively. 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 mainly computed on the declining-balance method for the parent company and Japanese subsidiaries and on the straight-line method for foreign subsidiary companies at rates based on estimated useful lives of the respective assets according to general class, type of construction and use. The estimated useful lives range from 2 to 65 years for buildings and from 2 to 20 years for machinery and equipment. 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. 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. 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. 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. 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. 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. 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. The ineffective portion of all hedges is recognized currently in operations. 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. 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. 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. Accounting changes - In February 2015, the Financial Accounting Standards Board (“FASB”) issued updated guidance that amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. Toyota adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. In April 2015, the FASB issued updated guidance that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. In August 2015, the FASB issued an additional update which clarifies that debt issuance costs for line of credit agreements may continue to be deferred and amortized. Toyota adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. For the previous consolidated fiscal year, debt issuance costs are recorded at “Other” in “Investments and other assets” on the consolidated balance sheet in the amount of 23,695 million yen. In April 2015, the FASB issued updated guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. Toyota adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. In May 2015, the FASB issued updated guidance on disclosures for investments in certain entities that calculate net asset value per share. This guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Toyota adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. For a further discussion of additional disclosures by adoption of this guidance, see note 20 and 27 to the consolidated financial statements. In November 2015, the FASB issued updated guidance to simplify the balance sheet classification of deferred taxes. This guidance will require that deferred tax assets and liabilities be classified as noncurrent on the balance sheet. Toyota early adopted this guidance on April 1, 2016. Toyota adopted this guidance on a prospective basis from April 1, 2016 and prior periods were not retrospectively adjusted. In March 2016, the FASB issued updated guidance to simplify the requirement in applying the equity method of accounting. This update eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively as if the equity method had been in effect during all previous periods that the investment had been held. Toyota early adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. Recent pronouncements to be adopted in future periods - In May 2014, the FASB issued updated guidance on the recognition of revenue from contracts with customers. This guidance requires an entity to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and supersedes the current revenue recognition guidance. In August 2015, the FASB issued updated guidance on the deferral of the effective date. As a result, this guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. This guidance may be adopted retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. Toyota currently plans to adopt the modified retrospective method of adoption from the fiscal year beginning April 1, 2018. Toyota’s current efforts to this end include the identification of revenue within the scope of this guidance, as well as the evaluation of revenue contracts. Toyota continues to assess the impact of adoption of this guidance on its consolidated financial statements and related disclosure. In July 2015, the FASB issued updated guidance to simplify the measurement of inventory. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements. In January 2016, the FASB issued updated guidance for financial instruments. This guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and will require entities to measure equity investments at fair value and recognize any changes in fair value in net income. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements. In February 2016, the FASB issued updated guidance for leases. This guidance will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management is evaluating the impact of adoptin |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Mar. 31, 2017 | |
Supplemental cash flow information | 3. Supplemental cash flow information: Cash payments for income taxes were ¥1,145,808 million, ¥884,589 million and ¥854,600 million for the years ended March 31, 2015, 2016 and 2017, respectively. Interest payments during the years ended March 31, 2015, 2016 and 2017 were ¥369,770 million, ¥381,280 million and ¥362,602 million, respectively. Capital lease obligations of ¥3,709 million, ¥6,546 million and ¥5,975 million were incurred for the years ended March 31, 2015, 2016 and 2017, respectively. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Mar. 31, 2017 | |
Acquisitions and Dispositions | 4. Acquisitions and dispositions: Toyota Housing Corporation, a consolidated subsidiary of Toyota Motor Corporation, increased its ownership interest in Misawa Homes Co., Ltd. (Business description: Production and sale of housing materials and components, etc.) to 51% by acquiring 11,181,798 shares of common stock of Misawa Homes Co., Ltd. through a tender offer on December 29, 2016 as well as a third-party allotment of Misawa Homes Co., Ltd. shares to Toyota Housing Corporation and a disposal of Misawa Homes Co., Ltd. treasury stock on January 5, 2017, in order to increase competitiveness through enhanced cooperation with Misawa Homes Co., Ltd. As a result, Misawa Homes Co., Ltd., previously an affiliated company accounted for under the equity method, will now be accounted for as a consolidated subsidiary of Toyota Motor Corporation. The acquisition is accounted for under the acquisition method. Acquisition-related costs were accounted as expense when incurred, and the estimated fair values of the assets acquired, liabilities assumed and noncontrolling interests as of the date of the acquisition of control are immaterial in value. The amount of sales of Misawa Homes Co., Ltd. after the date of the acquisition of control, which is included in “Sales of products” of Toyota’s consolidated statements of income for fiscal 2017, is ¥130,046 million. Misawa Homes’ net income does not have a material effect on net income attributable to Toyota Motor Corporation in term of monetary value. In addition to the above, Toyota made several acquisitions and dispositions during the years ended March 31, 2015, 2016 and 2017, however the assets and liabilities acquired or transferred were not material. |
Marketable securities and other
Marketable securities and other securities investments | 12 Months Ended |
Mar. 31, 2017 | |
Marketable securities and other securities investments | 5. 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: Yen in millions March 31, 2016 Cost Gross unrealized gains Gross unrealized Fair value Available-for-sale Public and corporate bonds 5,706,026 261,226 15,671 5,951,581 Common stocks 661,796 1,897,439 304 2,558,931 Other 318,240 30,282 40 348,482 Total 6,686,062 2,188,947 16,015 8,858,994 Securities not practicable to determine fair value Public and corporate bonds 20,253 Common stocks 71,941 Total 92,194 Yen in millions March 31, 2017 Cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Public and corporate bonds 5,789,221 145,640 49,030 5,885,831 Common stocks 668,345 2,018,910 321 2,686,934 Other 819,514 9,724 2,670 826,568 Total 7,277,080 2,174,274 52,021 9,399,333 Securities not practicable to determine fair value Public and corporate bonds 25,257 Common stocks 76,936 Total 102,193 Japanese bonds as well as U.S., European and other bonds represent 37% and 63% (as of March 31, 2016) and 28% and 72% (as of March 31, 2017) of public and corporate bonds included in available-for-sale, respectively. Listed stocks on the Japanese stock markets represent 90% and 92% of common stocks which are included in available-for-sale as of March 31, 2016 and 2017, respectively. Public and corporate bonds include government bonds, and “Other” includes investment trusts. Unrealized losses continuing over a 12 month period or more in the aggregate were not material as of March 31, 2016 and 2017. As of March 31, 2016 and 2017, maturities of public and corporate bonds included in available-for-sale are mainly from 1 to 10 years. Proceeds from sales of available-for-sale securities were ¥113,348 million, ¥108,708 million and ¥251,940 million for the years ended March 31, 2015, 2016 and 2017, respectively. On those sales, gross realized gains were ¥17,912 million, ¥9,500 million and ¥61,038 million and gross realized losses were ¥161 million, ¥365 million and ¥108 million, respectively. During the years ended March 31, 2015, 2016 and 2017, Toyota recognized impairment losses on available-for-sale securities of ¥2,578 million, ¥9,272 million and ¥7,073 million, respectively, which are included in “Other income (loss), net” and other in the accompanying consolidated statements of income. In the ordinary course of business, Toyota maintains long-term investment securities, included in “Marketable securities and other securities investments” and issued by a number of non-public companies which are recorded at cost, as their fair values were not readily determinable. Management employs a systematic methodology to assess the recoverability of such investments by reviewing the financial viability of the underlying companies and the prevailing market conditions in which these companies operate to determine if Toyota’s investment in each individual company is impaired and whether the impairment is other-than-temporary. Toyota periodically performs this impairment test for significant investments recorded at cost. If the impairment is determined to be other-than-temporary, the carrying value of the investment is written-down by the impaired amount and the losses are recognized currently in operations. |
Finance receivables
Finance receivables | 12 Months Ended |
Mar. 31, 2017 | |
Finance receivables | 6. Finance receivables: Finance receivables consist of the following: Yen in millions March 31, 2016 2017 Retail 11,156,798 11,453,352 Finance leases 1,144,312 1,265,882 Wholesale and other dealer loans 2,994,171 3,281,142 15,295,281 16,000,376 Deferred origination costs 169,467 172,298 Unearned income (754,836 ) (804,591 ) Allowance for credit losses Retail (98,853 ) (104,354 ) Finance leases (24,600 ) (23,962 ) Wholesale and other dealer loans (30,828 ) (30,896 ) Total allowance for credit losses (154,281 ) (159,212 ) Total finance receivables, net 14,555,631 15,208,871 Less - Current portion (5,912,684 ) (6,196,649 ) Noncurrent finance receivables, net 8,642,947 9,012,222 Finance receivables were geographically distributed as follows: in North America 59.1%, in Asia 11.9%, in Europe 10.3%, in Japan 8.3% and in Other 10.4% as of March 31, 2016, and in North America 59.1%, in Asia 11.3%, in Europe 10.3%, in Japan 8.1% and in Other 11.2% as of March 31, 2017. 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, 2017 are summarized as follows: Yen in millions Years ending March 31, Retail Finance leases Wholesale and other dealer loans 2018 3,743,543 323,426 2,437,941 2019 2,794,572 250,978 275,706 2020 2,191,969 190,217 151,757 2021 1,471,456 87,492 111,925 2022 791,695 31,798 139,923 Thereafter 460,117 5,611 163,890 11,453,352 889,522 3,281,142 Finance leases consist of the following: Yen in millions March 31, 2016 2017 Minimum lease payments 810,088 889,522 Estimated unguaranteed residual values 334,224 376,360 1,144,312 1,265,882 Deferred origination costs 5,135 5,809 Less - Unearned income (95,213 ) (103,518 ) Less - Allowance for credit losses (24,600 ) (23,962 ) Finance leases, net 1,029,634 1,144,211 Toyota is exposed to credit risk on Toyota’s finance receivables. Credit risk is the risk of loss arising from the failure of customers or dealers to meet the terms of their contracts with Toyota or otherwise fail to perform as agreed. Toyota estimates allowance for credit losses by variety of credit-risk evaluation process to cover probable and estimable losses above. 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, 2016 and 2017: Yen in millions March 31, 2016 Retail Finance leases Wholesale Real estate Working capital Current 10,966,689 1,135,474 1,482,697 817,896 692,784 30-59 days past due 128,603 2,896 1 — — 60-89 days past due 29,995 1,465 — — — 90 days or greater past due 31,511 4,477 3 480 310 Total 11,156,798 1,144,312 1,482,701 818,376 693,094 Yen in millions March 31, 2017 Retail Finance leases Wholesale Real estate Working capital Current 11,264,660 1,255,626 1,707,432 848,757 722,697 30-59 days past due 125,626 5,114 1,327 — 405 60-89 days past due 29,321 1,321 — — — 90 days or greater past due 33,745 3,821 — 266 258 Total 11,453,352 1,265,882 1,708,759 849,023 723,360 The tables below show the recorded investment for each credit quality of the finance receivable within the wholesale and other dealer loan receivables portfolio segment in the United States and other regions as of March 31, 2016 and 2017: United States 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 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, 2016 Wholesale Real estate Working capital Total Performing 912,643 430,673 189,969 1,533,285 Credit Watch 117,346 85,963 25,753 229,062 At Risk 12,683 12,311 1,937 26,931 Default 976 1,085 151 2,212 Total 1,043,648 530,032 217,810 1,791,490 Yen in millions March 31, 2017 Wholesale Real estate Working capital Total Performing 1,076,164 449,884 233,677 1,759,725 Credit Watch 142,336 68,726 16,049 227,111 At Risk 1,286 5,071 561 6,918 Default 8,791 5,079 544 14,414 Total 1,228,577 528,760 250,831 2,008,168 Other regions Credit qualities of the wholesale and other dealer loan receivables portfolio segment in other regions are also monitored based on internal risk assessments by dealers on a consistent basis as in the United States. These accounts classified as “Credit Watch” or “At Risk” were not significant in other regions, and consequently the tables below summarize information for two categories, “Performing” and “Default”. Yen in millions March 31, 2016 Wholesale Real estate Working capital Total Performing 436,839 284,512 474,731 1,196,082 Default 2,214 3,832 553 6,599 Total 439,053 288,344 475,284 1,202,681 Yen in millions March 31, 2017 Wholesale Real estate Working capital Total Performing 460,308 316,008 472,198 1,248,514 Default 19,874 4,255 331 24,460 Total 480,182 320,263 472,529 1,272,974 The tables below summarize information about impaired finance receivables: Yen in millions Recorded investment Unpaid principal balance Individually evaluated allowance March 31, March 31, March 31, 2016 2017 2016 2017 2016 2017 Impaired account balances individually evaluated for impairment with an allowance: Wholesale 13,374 10,667 13,374 10,667 1,303 1,373 Real estate 13,891 10,986 13,891 10,986 1,934 1,596 Working capital 4,851 3,793 4,851 3,793 3,916 1,291 Total 32,116 25,446 32,116 25,446 7,153 4,260 Impaired account balances individually evaluated for impairment without an allowance: Wholesale 21,056 15,033 21,056 15,033 Real estate 11,098 11,780 11,098 11,780 Working capital 388 — 388 — Total 32,542 26,813 32,542 26,813 Impaired account balances aggregated and evaluated for impairment: Retail 27,854 27,269 27,149 26,597 Finance leases 85 66 75 54 Total 27,939 27,335 27,224 26,651 Total impaired account balances: Retail 27,854 27,269 27,149 26,597 Finance leases 85 66 75 54 Wholesale 34,430 25,700 34,430 25,700 Real estate 24,989 22,766 24,989 22,766 Working capital 5,239 3,793 5,239 3,793 Total 92,597 79,594 91,882 78,910 Yen in millions Average impaired finance receivables Interest income recognized For the years ended March 31, For the years ended March 31, 2016 2017 2016 2017 Total impaired account balances: Retail 31,368 26,628 2,155 1,741 Finance leases 96 76 2 0 Wholesale 29,315 26,306 481 650 Real estate 23,441 22,482 721 867 Working capital 5,486 4,208 240 217 Total 89,706 79,700 3,599 3,475 The amount of finance receivables modified as a troubled debt restructuring for the year ended March 31, 2017 was not significant for all classes of finance receivables. Finance receivables modified as troubled debt restructurings for the year ended March 31, 2017 and for which there was a payment default were not significant for all classes of such receivables. |
Other Receivables
Other Receivables | 12 Months Ended |
Mar. 31, 2017 | |
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. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2017 | |
Inventories | 8. Inventories: Inventories consist of the following: Yen in millions March 31, 2016 2017 Finished goods 1,323,477 1,552,823 Raw materials 367,079 413,049 Work in process 265,570 309,387 Supplies and other 105,385 113,358 Total 2,061,511 2,388,617 |
Vehicles and equipment on opera
Vehicles and equipment on operating leases | 12 Months Ended |
Mar. 31, 2017 | |
Vehicles and equipment on operating leases | 9. Vehicles and equipment on operating leases: Vehicles and equipment on operating leases consist of the following: Yen in millions March 31, 2016 2017 Vehicles 5,778,463 6,105,527 Equipment 12,836 13,096 Less - Deferred income and other (138,677 ) (152,044 ) 5,652,622 5,966,579 Less - Accumulated depreciation (1,133,785 ) (1,263,774 ) Less - Allowance for credit losses (13,049 ) (18,889 ) Vehicles and equipment on operating leases, net 4,505,788 4,683,916 Rental income from vehicles and equipment on operating leases was ¥726,515 million, ¥891,733 million and ¥850,210 million for the years ended March 31, 2015, 2016 and 2017, respectively. Future minimum rentals from vehicles and equipment on operating leases are due in installments as follows: Years ending March 31, Yen in millions 2018 792,555 2019 528,657 2020 216,929 2021 44,847 2022 12,193 Thereafter 2,049 Total minimum future rentals 1,597,230 The future minimum rentals as shown above should not be considered indicative of future cash collections. |
Allowance for doubtful accounts
Allowance for doubtful accounts and credit losses | 12 Months Ended |
Mar. 31, 2017 | |
Allowance for doubtful accounts and credit losses | 10. Allowance for doubtful accounts and credit losses: The net changes in the allowance for doubtful accounts relating to trade accounts and notes receivable for the years ended March 31, 2015, 2016 and 2017 are as follows: Yen in millions For the years ended March 31, 2015 2016 2017 Allowance for doubtful accounts at beginning of year 47,518 50,410 94,853 Provision for doubtful accounts, net of reversal (1,598 ) 69,029 6,519 Write-offs (289 ) (20,649 ) (3,839 ) Other 4,779 (3,937 ) 3,179 Allowance for doubtful accounts at end of year 50,410 94,853 100,712 “Other” includes the impact of currency translation adjustments for the years ended March 31, 2015, 2016 and 2017. A portion of the allowance for doubtful accounts balance at March 31, 2016 and 2017 totaling ¥10,884 million and ¥50,602 million, respectively, is attributed to certain non-current receivable balances which are reported as “Other” assets in the consolidated balance sheets. 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, 2015, 2016 and 2017 are as follows: Yen in millions For the years ended March 31, 2015 2016 2017 Allowance for credit losses at beginning of year 153,602 178,038 167,330 Provision for credit losses, net of reversal 80,567 90,236 92,147 Charge-offs (84,310 ) (102,948 ) (99,550 ) Recoveries 18,173 22,356 21,757 Other 10,006 (20,352 ) (3,583 ) Allowance for credit losses at end of year 178,038 167,330 178,101 “Other” primarily includes the impact of currency translation adjustments for the years ended March 31, 2015, 2016 and 2017. 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, 2015, 2016 and 2017 are as follows: Yen in millions For the year ended March 31, 2015 Retail Finance leases Wholesale and other dealer Allowance for credit losses at beginning of year 89,439 30,585 26,358 Provision for credit losses, net of reversal 70,129 (858 ) 2,531 Charge-offs (71,403 ) (2,568 ) (603 ) Recoveries 15,008 497 78 Other 6,143 1,647 1,689 Allowance for credit losses at end of year 109,316 29,303 30,053 Yen in millions For the year ended March 31, 2016 Retail Finance leases Wholesale and other dealer Allowance for credit losses at beginning of year 109,316 29,303 30,053 Provision for credit losses, net of reversal 65,677 1,742 4,962 Charge-offs (83,116 ) (3,833 ) (667 ) Recoveries 18,999 380 230 Other (12,023 ) (2,992 ) (3,750 ) Allowance for credit losses at end of year 98,853 24,600 30,828 Yen in millions For the year ended March 31, 2017 Retail Finance leases Wholesale and Allowance for credit losses at beginning of year 98,853 24,600 30,828 Provision for credit losses, net of reversal 67,433 1,657 854 Charge-offs (78,114 ) (2,007 ) (324 ) Recoveries 18,282 194 160 Other (2,100 ) (482 ) (622 ) Allowance for credit losses at end of year 104,354 23,962 30,896 |
Affiliated companies and variab
Affiliated companies and variable interest entities | 12 Months Ended |
Mar. 31, 2017 | |
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: Yen in millions March 31, 2016 2017 Current assets 11,299,674 11,795,296 Noncurrent assets 10,961,889 11,003,432 Total assets 22,261,563 22,798,728 Current liabilities 7,414,894 7,419,176 Long-term liabilities and noncontrolling interests 5,509,745 5,423,938 Affiliated companies accounted for by the equity method shareholders’ equity 9,336,924 9,955,614 Total liabilities and shareholders’ equity 22,261,563 22,798,728 Toyota’s share of affiliated companies accounted for by the equity method shareholders’ equity 2,631,389 2,845,422 Number of affiliated companies accounted for by the equity method at end of period 54 54 Yen in millions For the years ended March 31, 2015 2016 2017 Net revenues 30,163,457 31,037,029 30,309,263 Gross profit 3,614,946 3,852,899 3,644,267 Net income attributable to affiliated companies accounted for by the equity method 966,133 957,742 1,099,080 Equity in earnings of affiliated companies attributable to Toyota Motor Corporation 308,545 329,099 362,060 Entities comprising a significant portion of Toyota’s investment in affiliated companies and percentage of ownership are presented below: Percentage of ownership March 31, Name of affiliated companies 2016 2017 Denso Corporation 24.9 % 24.9 % Toyota Industries Corporation 24.6 % 24.9 % Aisin Seiki Co., Ltd. 23.3 % 24.1 % Toyota Tsusho Corporation 22.0 % 22.0 % Toyoda Gosei Co., Ltd. 43.0 % 43.0 % Certain affiliated companies accounted for by the equity method with carrying amounts of ¥1,950,661 million and ¥2,126,128 million at March 31, 2016 and 2017, respectively, were quoted on various established markets at an aggregate value of ¥2,470,588 million and ¥2,894,106 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, 2015, 2016 and 2017. Account balances and transactions with affiliated companies are presented below: Yen in millions March 31, 2016 2017 Trade accounts and notes receivable, and other receivables 256,700 289,406 Accounts payable and other payables 676,415 691,173 Yen in millions For the years ended March 31, 2015 2016 2017 Net revenues 1,785,238 1,804,493 1,914,318 Purchases 5,065,613 4,359,854 5,357,682 Dividends from affiliated companies accounted for by the equity method for the years ended March 31, 2015, 2016 and 2017 were ¥174,485 million, ¥186,212 million and ¥180,326 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, ¥2,087,303 million and ¥2,092,311 million retail finance receivables, ¥290,873 million and ¥557,383 million vehicles on operating leases, ¥126,012 million and ¥151,943 million restricted cash and ¥1,903,189 million and ¥2,067,221 million secured debt were included in Toyota’s consolidated financial statements as of March 31, 2016 and 2017, 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 due mainly to insufficient equity within the structure but 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. Investments in the trusts started from fiscal 2017 are held at fair value and are included in “Marketable securities and other securities investments” in the accompanying consolidated balance sheets. As of March 31, 2017, the maximum exposure to loss is limited to the carrying value of its investment in the trusts, which totaled ¥539,862 million. Toyota does not provide support that is not contractually required to the trusts. As for VIEs other than those specified above, neither the aggregate size nor Toyota’s involvements are material to Toyota’s consolidated financial statements. |
Short-term borrowings and long-
Short-term borrowings and long-term debt | 12 Months Ended |
Mar. 31, 2017 | |
Short-term borrowings and long-term debt | 12. Short-term borrowings and long-term debt: Short-term borrowings at March 31, 2016 and 2017 consist of the following: Yen in millions March 31, 2016 2017 Loans, principally from banks, with a weighted-average interest at March 31, 2016 1,068,417 1,125,324 Commercial paper with a weighted-average interest at March 31, 2016 and March 31, 2017 of 0.71% and of 1.08% per annum, respectively 3,629,717 3,828,358 4,698,134 4,953,682 As of March 31, 2017, Toyota has unused short-term lines of credit amounting to ¥1,861,434 million of which ¥532,284 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, 2016 and 2017 comprises the following: Yen in millions March 31, 2016 2017 Unsecured loans, representing obligations principally to banks, due 2016 to 2035 in 2016 and due 2017 to 2036 in 2017 with a weighted-average interest at March 31, 2016 and March 31, 2017 of 2.24% and of 2.44% per annum, respectively 3,403,347 3,318,865 Secured loans, representing obligations principally to finance receivables securitization due 2016 to 2030 in 2016 and due 2017 to 2030 in 2017 with a weighted-average interest at March 31, 2016 and March 31, 2017 of 1.11% and of 1.43% per annum, respectively 1,909,830 2,080,362 Medium-term notes of consolidated subsidiaries, due 2016 to 2047 in 2016 and due 2017 to 2046 in 2017 with a weighted-average interest at March 31, 2016 and March 31, 2017 of 2.05% and of 2.12% per annum, respectively 6,409,141 6,923,511 Unsecured notes of parent company, due 2016 to 2024 in 2016 and due 2017 to 2036 in 2017 with a weighted-average interest at March 31, 2016 and March 31, 2017 of 1.43% and of 1.35% per annum, respectively 350,000 370,000 Unsecured notes of consolidated subsidiaries, due 2016 to 2031 in 2016 and due 2017 to 2032 in 2017 with a weighted-average interest at March 31, 2016 and March 31, 2017 of 2.30% and of 2.17% per annum, respectively 1,467,199 1,430,022 Secured notes of consolidated subsidiaries, due 2016 to 2019 in 2016 and due 2017 to 2020 in 2017 with a weighted-average interest at March 31, 2016 and March 31, 2017 of 8.58% and of 8.14% per annum, respectively 34,000 57,036 Long-term capital lease obligations, due 2016 to 2035 in 2016 and due 2017 to 2035 in 2017 with interest ranging from 0.23% to 14.73% per annum in 2016 and from 0.37% to 14.73% per annum in 2017 21,502 22,249 13,595,019 14,202,045 Less - Current portion due within one year (3,822,954 ) (4,290,449 ) 9,772,065 9,911,596 As of March 31, 2017, approximately 51%, 11%, 10%, 9% and 19% of long-term debt are denominated in U.S. dollars, Japanese yen, Australian dollars, euros and other currencies, respectively. As of March 31, 2017, property, plant and equipment with a book value of ¥599,907 million and other assets aggregating ¥2,175,526 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: Years ending March 31, Yen in millions 2018 4,290,449 2019 2,861,129 2020 2,658,721 2021 1,711,573 2022 1,581,938 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, 2017, Toyota has not received any significant requests from these banks. As of March 31, 2017, Toyota has unused long-term lines of credit amounting to ¥7,197,426 million. Interest expense during the years ended March 31, 2015, 2016 and 2017 were ¥347,030 million, ¥377,310 million and ¥352,691 million, respectively. Interest expense related to the financial services business is included in “Cost of financing operations” in the accompanying consolidated statements of income. |
Product Warranties and Recalls
Product Warranties and Recalls and Other Safety Measures | 12 Months Ended |
Mar. 31, 2017 | |
Product Warranties and Recalls and Other Safety Measures | 13. Product warranties and recalls and other safety measures: Toyota provides product warranties for certain defects mainly resulting from manufacturing based on warranty contracts with its customers at the time of sale of products. Toyota accrues estimated warranty costs to be incurred in the future in accordance with the warranty contracts. In addition to product warranties, Toyota initiates recalls and other safety measures to repair or to replace parts which might be expected to fail from products safety perspectives or customer satisfaction standpoints. Toyota accrues for costs of recalls and other safety measures at the time of vehicle sale based on the amount estimated from historical experience. Liabilities for product warranties and liabilities for recalls and other safety measures have been combined into a single table showing an aggregate liability for quality assurances due to the fact that both are liabilities for costs to repair or replace defects of vehicles and the amounts incurred for recalls and other safety measures may affect the amounts incurred for product warranties and vice versa. Liabilities for quality assurances are included in “Accrued expenses” in the consolidated balance sheets. The net changes in liabilities for quality assurances above for the years ended March 31, 2015, 2016 and 2017 consist of the following: Yen in millions For the years ended March 31, 2015 2016 2017 Liabilities for quality assurances at beginning of year 1,154,021 1,328,916 1,403,764 Payments made during year (509,488 ) (501,073 ) (604,853 ) Provision for quality assurances 686,006 636,719 919,086 Changes relating to pre-existing quality assurances (25,619 ) (39,225 ) (24,147 ) Other 23,996 (21,573 ) 3,088 Liabilities for quality assurances at end of year 1,328,916 1,403,764 1,696,938 “Other” primarily includes the impact of currency translation adjustments and the impact of consolidation and deconsolidation of certain entities due to changes in ownership interest. The table below shows the net changes in liabilities for recalls and other safety measures which are comprised in liabilities for quality assurances above for the years ended March 31, 2015, 2016 and 2017. Yen in millions For the years ended March 31, 2015 2016 2017 Liabilities for recalls and other safety measures at beginning of year 680,475 755,050 925,475 Payments made during year (357,447 ) (347,861 ) (444,416 ) Provision for recalls and other safety measures 421,618 524,100 794,009 Other 10,404 (5,814 ) 132 Liabilities for recalls and other safety measures at end of year 755,050 925,475 1,275,200 |
Other Payables
Other Payables | 12 Months Ended |
Mar. 31, 2017 | |
Other Payables | 14. Other payables: Other payables are mainly related to purchases of property, plant and equipment and non-manufacturing purchases. |
Income taxes
Income taxes | 12 Months Ended |
Mar. 31, 2017 | |
Income taxes | 15. Income taxes: The components of income before income taxes comprise the following: Yen in millions For the years ended March 31, 2015 2016 2017 Income before income taxes: Parent company and domestic subsidiaries 1,685,909 1,834,413 1,423,208 Foreign subsidiaries 1,206,919 1,148,968 770,617 2,892,828 2,983,381 2,193,825 The provision for income taxes consists of the following: Yen in millions For the years ended March 31, 2015 2016 2017 Current income tax expense: Parent company and domestic subsidiaries 552,122 591,868 435,560 Foreign subsidiaries 368,234 253,512 246,639 Total current 920,356 845,380 682,199 Deferred income tax expense (benefit): Parent company and domestic subsidiaries (77,653 ) (40,934 ) (21,756 ) Foreign subsidiaries 50,766 73,823 (31,543 ) Total deferred (26,887 ) 32,889 (53,299 ) Total provision 893,469 878,269 628,900 Toyota is subject to a number of different income taxes which, in the aggregate, indicate a statutory rate in Japan of approximately 35.2%, 32.9% and 31.1% for the years ended March 31, 2015, 2016 and 2017, 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: For the years ended March 31, 2015 2016 2017 Statutory tax rate 35.2 % 32.9 % 31.1 % Increase (reduction) in taxes resulting from: Non-deductible expenses 1.5 0.3 0.4 Deferred tax liabilities on undistributed earnings of foreign subsidiaries 1.0 1.0 1.3 Deferred tax liabilities on undistributed earnings of affiliated companies accounted for by the equity method 2.5 2.4 3.3 Valuation allowance (0.5 ) (0.4 ) (0.6 ) Tax credits (5.3 ) (4.7 ) (4.8 ) The difference between the statutory tax rate in Japan and that of foreign subsidiaries (2.4 ) (1.3 ) (1.9 ) Unrecognized tax benefits adjustments 3.2 0.2 0.4 Revision to reduce deferred tax assets and liabilities at the fiscal year-end due to changes in tax rates (1.9 ) (0.5 ) — Other (2.4 ) (0.5 ) (0.5 ) Effective income tax rate 30.9 % 29.4 % 28.7 % “Unrecognized tax benefits adjustments” for the year ended March 31, 2015 reflects a charge for the settlement of a pre 2012 tax position in a foreign jurisdiction. Significant components of deferred tax assets and liabilities are as follows: Yen in millions March 31, 2016 2017 Deferred tax assets Accrued pension and severance costs 283,713 219,465 Accrued expenses and liabilities for quality assurances 586,628 644,936 Other accrued employees’ compensation 116,420 114,752 Operating loss carryforwards for tax purposes 201,957 76,317 Allowance for doubtful accounts and credit losses 68,686 82,916 Property, plant and equipment and other assets 241,454 234,372 Other 275,023 335,992 Gross deferred tax assets 1,773,881 1,708,750 Less - Valuation allowance (151,665 ) (146,623 ) Total deferred tax assets 1,622,216 1,562,127 Deferred tax liabilities Unrealized gains on securities, net (692,972 ) (692,962 ) Undistributed earnings of foreign subsidiaries (30,112 ) (28,544 ) Undistributed earnings of affiliated companies accounted for by the equity (656,448 ) (709,094 ) Basis difference of acquired assets (31,171 ) (31,861 ) Lease transactions (1,073,518 ) (973,000 ) Other (93,206 ) (46,407 ) Gross deferred tax liabilities (2,577,427 ) (2,481,868 ) Net deferred tax liability (955,211 ) (919,741 ) The deferred tax assets and liabilities above that comprise the net deferred tax liability are included in the consolidated balance sheets as follows: Yen in millions March 31, 2016 2017 Deferred tax assets Deferred income taxes (Current assets) 967,607 — Investments and other assets - Other 151,431 503,985 Deferred tax liabilities Other current liabilities (28,160 ) — Deferred income taxes (Long-term liabilities) (2,046,089 ) (1,423,726 ) Net deferred tax liability (955,211 ) (919,741 ) 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, 2017 in Japan and foreign countries were ¥62,223 million and ¥184,364 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 2018 to 2026 and expire in years 2018 to 2037, respectively. Tax credit carryforwards as of March 31, 2017 in Japan and foreign countries were ¥2,774 million and ¥32,073 million, respectively, and the majority of these carryforwards in Japan and foreign countries expire in years 2018 to 2020 and expire in years 2018 to 2037, 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, 2015, 2016 and 2017 consist of the following: Yen in millions For the years ended March 31, 2015 2016 2017 Valuation allowance at beginning of year 189,894 169,811 151,665 Additions 34,485 33,243 27,147 Deductions (50,247 ) (43,723 ) (37,891 ) Other (4,321 ) (7,666 ) 5,702 Valuation allowance at end of year 169,811 151,665 146,623 “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, 2015, 2016 and 2017. 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 ¥3,454,027 million as of March 31, 2017. Toyota estimates an additional tax provision of ¥129,885 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, 2015, 2016 and 2017 is as follows: Yen in millions For the years ended March 31, 2015 2016 2017 Balance at beginning of year 19,393 13,644 19,250 Additions based on tax positions related to the current year 593 1,001 8,187 Additions for tax positions of prior years 94,852 6,378 6,076 Reductions for tax positions of prior years (4,015 ) (77 ) (5,593 ) Reductions for tax positions related to lapse of statute of limitations (58 ) (7 ) (9 ) Reductions for settlements (98,929 ) (427 ) (6,317 ) Other 1,808 (1,262 ) (41 ) Balance at end of year 13,644 19,250 21,553 The amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was not material at March 31, 2015, 2016 and 2017, 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, 2015, 2016 and 2017, were not material. Toyota remains subject to income tax examination for the tax returns related to the years beginning on and after April 1, 2010 and April 1, 2002, with various tax jurisdictions in Japan and foreign countries, respectively. |
Class Shares
Class Shares | 12 Months Ended |
Mar. 31, 2017 | |
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: Total number of shares issued : 47,100,000 shares Issue price : 10,598 yen per share Purchase price : 10,121.09 yen per share 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. 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, 2016 and 2017 were ¥1,224 million and ¥2,473 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. |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Mar. 31, 2017 | |
Shareholders' equity | 17. Shareholders’ equity: Changes in the number of shares of common stock issued have resulted from the following: For the years ended March 31, 2015 2016 2017 Common stock issued Balance at beginning of year 3,447,997,492 3,417,997,492 3,337,997,492 Issuance during the year — — — Purchase and retirement (30,000,000 ) (80,000,000 ) (75,000,000 ) Balance at end of year 3,417,997,492 3,337,997,492 3,262,997,492 The Companies Act provides that an amount equal to 10% of distributions from surplus paid by the parent company and its Japanese subsidiaries be appropriated as a capital reserve or a retained earnings reserve. No further appropriations are required when the total amount of the capital reserve and the retained earnings reserve reaches 25% of stated capital. The retained earnings reserve included in retained earnings as of March 31, 2016 and 2017 were ¥182,518 million and ¥190,227 million, respectively. The Companies Act provides that the retained earnings reserve of the parent company and its Japanese subsidiaries is restricted and unable to be used for dividend payments, and is excluded from the calculation of the profit available for dividend. The amounts of statutory retained earnings of the parent company available for dividend payments to shareholders were ¥7,964,099 million and ¥8,470,887 million as of March 31, 2016 and 2017, respectively. In accordance with customary practice in Japan, the distributions from surplus are not accrued in the financial statements for the corresponding period, but are recorded in the subsequent accounting period after shareholders’ approval has been obtained. Retained earnings at March 31, 2017 include amounts representing year-end cash dividends of ¥327,219 million, ¥110 per common share, which were resolved at the Meeting of the Board of Directors held on May 10, 2017. Retained earnings at March 31, 2017 include ¥2,160,108 million relating to equity in undistributed earnings of affiliated companies accounted for by the equity method. The repurchase, reissuance and retirement of treasury stock for the years ended March 31, 2015, 2016 and 2017 are as follows: For the year ended March 31, 2015 Repurchase of treasury stock Reason for repurchasing treasury stock - The repurchase was made to avoid the dilution of common share value triggered by the reissuance of treasury stock described below, and to promote capital efficiency and agile capital policy in view of the business environment. Details of matters relating to repurchase Number of common shares repurchased 55,521,900 shares Total purchase price for repurchase of shares ¥359,994 million Reissuance of treasury stock Reason for reissuing treasury stock - TMC resolved at the Meeting of the Board of Directors held on March 26, 2014 to establish Toyota Mobility Foundation, a General Incorporated Foundation (the “Foundation”). The reissuance of treasury stock was made by way of third-party allotment to a trust that was established by TMC to provide funding for the activities of the Foundation through dividends, etc. on TMC’s common stock. Details of matters relating to reissuance - Number of common shares reissued 30,000,000 shares Price of reissuance ¥1 per share Amount of proceeds ¥30 million Retirement of treasury stock Reason for retiring treasury stock - The retirement was made to relieve concerns regarding the dilution of common share value due to reissuance of treasury stock in the future. Details of matters relating to retirement - Number of common shares retired 30,000,000 shares The amount on retirement of treasury stock and the amount of the difference between fair value and book value of treasury stock on reissuance for the Foundation were treated as a reduction in additional paid-in capital and retained earnings and the amount of the difference between amount of proceeds and fair value of treasury stock on reissuance was included in Other income (expense). The fair value of treasury stock was measured using a dividend discount model due to the restrictions on transfer in the reissued stock for the Foundation. As a result, treasury stock, additional paid-in capital, retained earnings and Other income (expense) decreased by ¥246,807 million, ¥4,624 million, ¥142,753 million and ¥99,400 million, respectively. For the year ended March 31, 2016 Repurchase of treasury stock Reason for repurchasing treasury stock - The repurchase was made to avoid the dilution of common share value as a result of the issuance of the First Series Model AA Class Shares. Details of matters relating to repurchase - Number of common shares repurchased 47,100,000 shares Total purchase price for repurchase of shares ¥349,935 million 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 - Number of common shares repurchased 62,942,900 shares Total purchase price for repurchase of shares ¥432,692 million Retirement of treasury stock Reason for retiring treasury stock - The retirement was made to relieve concerns regarding the dilution of common share value due to reissuance of treasury stock in the future. Details of matters relating to retirement - Number of common shares retired 80,000,000 shares The amount on retirement of treasury stock was treated as a reduction in additional paid-in capital and retained earnings. As a result, treasury stock, additional paid-in capital and retained earnings decreased by ¥400,537 million, ¥1,048 million and ¥399,489 million, respectively. For the year ended March 31, 2017 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 - Number of common shares repurchased 116,555,700 shares Total purchase price for repurchase of shares ¥699,986 million Reissuance of treasury stock Reason for reissuing treasury stock and details of matters relating to reissuance - On August 1, 2016, the parent company implemented share exchange as a result of which the parent company became a wholly owning parent company and Daihatsu Motor Co., Ltd. (“Daihatsu”) became a wholly owned subsidiary, and the parent company acquired additional shares of Daihatsu. As a result of this share exchange, the parent company issued 52,856,096 shares of treasury stock, treasury stock decreased by ¥283,561 million and gains on disposal of treasury stock occurred in the amount of ¥27,972 million. As a result, additional paid-in capital increased by ¥27,972 million. As a result of acquiring additional shares of Daihatsu, additional paid-in capital, noncontrolling interests and accumulated other comprehensive income (loss) decreased by ¥53,742 million, ¥255,565 million and ¥2,226 million, respectively. Retirement of treasury stock Reason for retiring treasury stock - The retirement was made to relieve concerns regarding the dilution of common share value due to reissuance of treasury stock in the future. Details of matters relating to retirement - Number of common shares retired 75,000,000 shares The amount on retirement of treasury stock was treated as a reduction in additional paid-in capital and retained earnings. As a result, treasury stock, additional paid-in capital and retained earnings decreased by ¥407,383 million, ¥27,374 million and ¥380,009 million, respectively. |
Accumulated other comprehensive
Accumulated other comprehensive income | 12 Months Ended |
Mar. 31, 2017 | |
Accumulated other comprehensive income | 18. Accumulated other comprehensive income: Changes in accumulated other comprehensive income (loss) are as follows: Yen in millions Foreign Accumulated Balance at March 31, 2014 (516,538 ) 1,160,563 (115,864 ) 528,161 Other comprehensive income (loss) before reclassifications, net of taxes of ¥(8,742) million, ¥(309,767) million, ¥2,853 million and ¥(315,656) million 404,352 596,417 621 1,001,390 Reclassifications, net of taxes of ¥— million, ¥11,013 million, ¥(2,153) million and ¥8,860 million — (18,714 ) 3,695 (15,019 ) Other comprehensive income (loss), net of tax 404,352 577,703 4,316 986,371 Less - Other comprehensive income attributable to noncontrolling interests (23,904 ) (10,701 ) (2,382 ) (36,987 ) Balance at March 31, 2015 (136,090 ) 1,727,565 (113,930 ) 1,477,545 Other comprehensive income (loss) before reclassifications, net of taxes of ¥10,719 million, ¥130,092 million, ¥93,210 million and ¥234,021 million (423,404 ) (291,681 ) (214,600 ) (929,685 ) Reclassifications, net of taxes of ¥— million, ¥9,832 million, ¥(3,318) million and ¥6,514 million 28,052 (20,511 ) 5,419 12,960 Other comprehensive income (loss), net of tax (395,352 ) (312,192 ) (209,181 ) (916,725 ) Less - Other comprehensive income attributable to noncontrolling interests 32,387 9,572 7,989 49,948 Balance at March 31, 2016 (499,055 ) 1,424,945 (315,122 ) 610,768 Other comprehensive income (loss) before reclassifications, net of taxes of ¥9,240 million, ¥(9,048) million, ¥(40,099) million and ¥(39,907) million (57,926 ) 41,134 82,939 66,147 Reclassifications, net of taxes of ¥— million, ¥23,275 million, ¥(5,255) million and ¥18,020 million — (36,855 ) 10,373 (26,482 ) Other comprehensive income (loss), net of tax (57,926 ) 4,279 93,312 39,665 Less - Other comprehensive income attributable to noncontrolling interests 5,499 (12,281 ) (503 ) (7,285 ) Equity transaction with noncontrolling interests and other (8,626 ) 9,060 (2,660 ) (2,226 ) Balance at March 31, 2017 (560,108 ) 1,426,003 (224,973 ) 640,922 Reclassifications for the years ended March 31, 2015, 2016 and 2017 consist of the following: Yen in millions For the years ended March 31, Affected line items 2015 2016 2017 Foreign currency translation adjustments: — 28,052 — Other income (loss), net — 28,052 — Income before income taxes and equity in earnings of affiliated companies — 28,052 — Net income Unrealized gains (losses) on securities: (7,727 ) (779 ) (24,553 ) Financing operations (14,552 ) (27,275 ) (3,572 ) Foreign exchange gain (loss), net (7,446 ) (6,185 ) (31,685 ) Other income (loss), net (29,725 ) (34,239 ) (59,810 ) Income before income taxes and equity in earnings of affiliated companies 11,013 9,832 23,275 Provision for income taxes (2 ) 3,896 (320 ) Equity in earnings of affiliated companies (18,714 ) (20,511 ) (36,855 ) Net income Pension liability adjustments: Recognized net actuarial loss 10,194 12,971 19,432 *1 Amortization of prior service costs (4,346 ) (4,234 ) (3,804 ) *1 5,848 8,737 15,628 Income before income taxes and equity in earnings of affiliated companies (2,153 ) (3,318 ) (5,255 ) Provision for income taxes 3,695 5,419 10,373 Net income Total reclassifications, net of tax (15,019 ) 12,960 (26,482 ) Amounts of reclassifications in parentheses indicate gains in the consolidated statements of income. *1: These components are included in the computation of net periodic pension cost. See note 20 to the consolidated financial statements for additional information. |
Stock-based compensation
Stock-based compensation | 12 Months Ended |
Mar. 31, 2017 | |
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, 2015, 2016 and 2017, respectively. The following table summarizes Toyota’s stock option activity: 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, 2014 7,330,900 4,965 2.52 8,646 Granted — — Exercised (2,603,900 ) 4,834 Canceled (1,223,500 ) 6,200 Options outstanding at March 31, 2015 3,503,500 4,632 2.05 13,143 Granted — — Exercised (936,400 ) 5,049 Canceled (473,600 ) 6,917 Options outstanding at March 31, 2016 2,093,500 3,858 1.56 4,384 Granted — — Exercised (785,600 ) 4,006 Canceled (115,600 ) 4,682 Options outstanding at March 31, 2017 1,192,300 3,682 0.80 2,813 Options exercisable at March 31, 2015 3,503,500 4,632 2.05 13,143 Options exercisable at March 31, 2016 2,093,500 3,858 1.56 4,384 Options exercisable at March 31, 2017 1,192,300 3,682 0.80 2,813 The total intrinsic value of options exercised for the years ended March 31, 2015, 2016 and 2017 was ¥5,313 million, ¥2,236 million and ¥1,632 million, respectively. Cash received from the exercise of stock options for the years ended March 31, 2015, 2016 and 2017 was ¥12,501 million, ¥4,728 million and ¥3,147 million, respectively. The following table summarizes information for options outstanding and options exercisable at March 31, 2017: Outstanding Exercisable Exercise Number of shares Weighted- Weighted- Number of shares Weighted- Yen Yen Years Yen 3,153 – 4,154 1,192,300 3,682 0.80 1,192,300 3,682 |
Employee benefit plans
Employee benefit plans | 12 Months Ended |
Mar. 31, 2017 | |
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: Yen in millions March 31, Japanese plans Foreign plans 2016 2017 2016 2017 Change in benefit obligation Benefit obligation at beginning of year 1,721,225 1,912,156 976,930 963,255 Service cost 78,611 89,443 47,544 41,733 Interest cost 17,509 8,800 40,340 35,593 Plan participants’ contributions 898 923 404 436 Plan amendments (489 ) (21 ) (573 ) (996 ) Net actuarial (gain) loss 160,983 (45,783 ) (22,332 ) 22,220 Acquisition and other (138 ) 30,622 (63,107 ) (18,778 ) Benefits paid (66,443 ) (65,642 ) (15,951 ) (17,439 ) Benefit obligation at end of year 1,912,156 1,930,498 963,255 1,026,024 Change in plan assets Fair value of plan assets at beginning of year 1,447,802 1,369,236 713,528 692,801 Actual return on plan assets (94,669 ) 81,600 11,042 74,760 Acquisition and other (88 ) 30,266 (45,801 ) (11,960 ) Employer contributions 53,060 39,692 25,612 15,925 Plan participants’ contributions 898 923 404 436 Benefits paid (37,767 ) (37,828 ) (11,984 ) (13,656 ) Fair value of plan assets at end of year 1,369,236 1,483,889 692,801 758,306 Funded status 542,920 446,609 270,454 267,718 Amounts recognized in the consolidated balance sheets as of March 31, 2016 and 2017 are comprised of the following: Yen in millions March 31, Japanese plans Foreign plans 2016 2017 2016 2017 Accrued expenses (Accrued pension and severance costs) 29,023 28,265 3,161 2,936 Accrued pension and severance costs 632,340 633,774 272,571 271,296 Investments and other assets - Other (Prepaid pension and severance costs) (118,443 ) (215,430 ) (5,278 ) (6,514 ) Net amount recognized 542,920 446,609 270,454 267,718 Amounts recognized in accumulated other comprehensive income (loss) as of March 31, 2016 and 2017 are comprised of the following: Yen in millions March 31, Japanese plans Foreign plans 2016 2017 2016 2017 Net actuarial loss (395,686 ) (288,126 ) (137,443 ) (116,700 ) Prior service costs 39,699 36,980 (3,491 ) (2,151 ) Net transition obligation — — — — Net amount recognized (355,987 ) (251,146 ) (140,934 ) (118,851 ) The accumulated benefit obligation for all defined benefit pension plans was ¥1,852,556 million and ¥1,874,424 million in Japanese plans, ¥892,154 million and ¥957,217 million in Foreign plans at March 31, 2016 and 2017, respectively. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for which the accumulated benefit obligations exceed plan assets are as follows: Yen in millions March 31, Japanese plans Foreign plans 2016 2017 2016 2017 Projected benefit obligation 892,078 892,684 311,256 445,482 Accumulated benefit obligation 863,593 866,566 300,026 426,201 Fair value of plan assets 242,096 242,488 66,183 178,357 Components of the net periodic pension cost are as follows: Yen in millions For the years ended March 31, Japanese plans Foreign plans 2015 2016 2017 2015 2016 2017 Service cost 73,256 78,611 89,443 41,147 47,544 41,733 Interest cost 21,746 17,509 8,800 37,993 40,340 35,593 Expected return on plan assets (31,255 ) (35,012 ) (33,524 ) (40,784 ) (44,616 ) (38,893 ) Amortization of prior service costs (4,723 ) (4,669 ) (4,148 ) 377 435 344 Recognized net actuarial loss 7,302 5,850 14,298 2,892 7,121 5,134 Amortization of net transition obligation — — — — — — Net periodic pension cost 66,326 62,289 74,869 41,625 50,824 43,911 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows: Yen in millions For the years ended March 31, Japanese plans Foreign plans 2015 2016 2017 2015 2016 2017 Net actuarial gain (loss) 130,455 (290,664 ) 93,859 (97,772 ) (11,242 ) 13,647 Recognized net actuarial loss 7,302 5,850 14,298 2,892 7,121 5,134 Prior service costs 381 489 21 (3,217 ) 573 996 Amortization of prior service costs (4,723 ) (4,669 ) (4,148 ) 377 435 344 Amortization of net transition obligation — — — — — — Other 46 76 811 7,564 272 1,962 Total recognized in other comprehensive income (loss) 133,461 (288,918 ) 104,841 (90,156 ) (2,841 ) 22,083 “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, 2015, 2016 and 2017. 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, 2018 are ¥(4,100) million and ¥7,800 million in Japanese plans, ¥300 million and ¥5,200 million in Foreign plans, respectively. Weighted-average assumptions used to determine benefit obligations as of March 31, 2016 and 2017 are as follows: March 31, Japanese plans Foreign plans 2016 2017 2016 2017 Discount rate 0.5 % 0.7 % 4.2 % 4.0 % Rate of compensation increase 2.7 % 2.9 % 3.9 % 3.8 % As of March 31, 2016 and 2017, 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, 2015, 2016 and 2017 are as follows: For the years ended March 31, Japanese plans Foreign plans 2015 2016 2017 2015 2016 2017 Discount rate 1.4 % 1.1 % 0.5 % 4.8 % 4.0 % 4.2 % Expected return on plan assets 2.5 % 2.5 % 2.4 % 6.7 % 6.3 % 6.1 % Rate of compensation increase 2.1 % 2.5 % 2.7 % 4.5 % 4.4 % 3.9 % During the years ended March 31, 2015, 2016 and 2017, 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 60% of the plan assets is invested in equity securities, approximately 25% 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, 2016 and 2017. See note 27 to the consolidated financial statements for three levels of input which are used to measure fair value. Japanese plans Yen in millions March 31, 2016 Level 1 Level 2 Level 3 Total Equity securities Common stocks 500,990 — — 500,990 Commingled funds — 168,297 — 168,297 500,990 168,297 — 669,287 Debt securities Government bonds 90,330 — — 90,330 Commingled funds — 249,565 — 249,565 Other — 33,362 146 33,508 90,330 282,927 146 373,403 Insurance contracts — 198,074 — 198,074 Other 39,232 32,320 2,518 74,070 Investments measured at net asset value — — — 54,402 Total 630,552 681,618 2,664 1,369,236 Yen in millions March 31, 2017 Level 1 Level 2 Level 3 Total Equity securities Common stocks 585,052 — — 585,052 Commingled funds — 180,835 — 180,835 585,052 180,835 — 765,887 Debt securities Government bonds 87,958 — — 87,958 Commingled funds — 248,498 — 248,498 Other — 39,754 81 39,835 87,958 288,252 81 376,291 Insurance contracts — 199,779 — 199,779 Other 42,083 34,131 496 76,710 Investments measured at net asset value — — — 65,222 Total 715,093 702,997 577 1,483,889 Foreign plans Yen in millions March 31, 2016 Level 1 Level 2 Level 3 Total Equity securities Common stocks 201,967 — — 201,967 Commingled funds — 111,547 — 111,547 201,967 111,547 — 313,514 Debt securities Government bonds 75,222 — — 75,222 Commingled funds — 25,560 — 25,560 Other — 47,583 — 47,583 75,222 73,143 — 148,365 Insurance contracts — — — — Other 12,566 15,308 30,758 58,632 Investments measured at net asset value — — — 172,290 Total 289,755 199,998 30,758 692,801 Yen in millions March 31, 2017 Level 1 Level 2 Level 3 Total Equity securities Common stocks 207,036 — — 207,036 Commingled funds — 152,104 — 152,104 207,036 152,104 — 359,140 Debt securities Government bonds 76,730 — — 76,730 Commingled funds — 36,430 — 36,430 Other — 33,430 — 33,430 76,730 69,860 — 146,590 Insurance contracts — — — — Other 13,533 13,851 30,903 58,287 Investments measured at net asset value — — — 194,289 Total 297,299 235,815 30,903 758,306 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 75% and 25% (as of March 31, 2016) and 74% and 26% (as of March 31, 2017) of common stocks, respectively, in Japanese plans. Common stocks include mainly foreign stocks as of March 31, 2016 and 2017 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 27% and 73% (as of March 31, 2016) and 28% and 72% (as of March 31, 2017) of government bonds, respectively, in Japanese plans. Government bonds include mainly foreign government bonds as of March 31, 2016 and 2017 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, 2015, 2016 and 2017: Japanese plans Yen in millions For the years ended March 31, 2015 2016 2017 Debt Other Total Debt Other Total Debt Other Total Balance at beginning of year 322 1,000 1,322 233 1,018 1,251 146 2,518 2,664 Actual return on plan assets 2 19 21 1 (3 ) (2 ) — (11 ) (11 ) Purchases, sales and settlements (91 ) (1 ) (92 ) (88 ) 1,503 1,415 (65 ) (2,011 ) (2,076 ) Other — — — — — — — — — Balance at end of year 233 1,018 1,251 146 2,518 2,664 81 496 577 Foreign plans Yen in millions For the years ended March 31, 2015 2016 2017 Other Other Other Balance at beginning of year 14,465 17,511 30,758 Actual return on plan assets 2,510 1,966 279 Purchases, sales and settlements (1,889 ) 12,372 — Other 2,425 (1,091 ) (134 ) Balance at end of year 17,511 30,758 30,903 Toyota expects to contribute ¥39,847 million in Japanese plans and ¥16,020 million in Foreign plans to its pension plans in the year ending March 31, 2018. The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Yen in millions Years ending March 31, Japanese plans Foreign plans 2018 70,632 35,383 2019 76,238 19,714 2020 77,000 20,799 2021 77,898 22,019 2022 81,342 23,424 from 2023 to 2027 428,947 139,702 Total 812,057 261,041 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. |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Mar. 31, 2017 | |
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, 2015, 2016 and 2017, 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, 2016 and 2017: Yen in millions March 31, 2016 2017 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 4,371 662 Total 4,371 662 Undesignated derivative financial instruments Interest rate and currency swap agreements Prepaid expenses and other current assets 96,996 61,946 Investments and other assets - Other 230,726 168,292 Total 327,722 230,238 Foreign exchange forward and option contracts Prepaid expenses and other current assets 34,290 12,357 Investments and other assets - Other 428 164 Total 34,718 12,521 Total derivative assets 366,811 243,421 Counterparty netting (116,174 ) (84,883 ) Collateral received (65,810 ) (60,021 ) Carrying value of derivative assets 184,827 98,517 Derivative liabilities Derivative financial instruments designated as hedging instruments Interest rate and currency swap agreements Other current liabilities — (64 ) Other long-term liabilities — — Total — (64 ) Undesignated derivative financial instruments Interest rate and currency swap agreements Other current liabilities (42,404 ) (67,091 ) Other long-term liabilities (180,716 ) (158,383 ) Total (223,120 ) (225,474 ) Foreign exchange forward and option contracts Other current liabilities (21,167 ) (19,919 ) Other long-term liabilities — — Total (21,167 ) (19,919 ) Total derivative liabilities (244,287 ) (245,457 ) Counterparty netting 116,174 84,883 Collateral posted 94,953 122,231 Carrying value of derivative liabilities (33,160 ) (38,343 ) The following table summarizes the notional amounts of derivative financial instruments as of March 31, 2016 and 2017: Yen in millions March 31, 2016 2017 Designated Undesignated Designated Undesignated Interest rate and currency swap agreements 41,016 18,312,359 40,837 19,459,677 Foreign exchange forward and option contracts — 2,742,102 — 2,772,741 Total 41,016 21,054,461 40,837 22,232,418 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, 2015, 2016 and 2017: Yen in millions For the years ended March 31, 2015 2016 2017 Gains or Gains or Gains or Derivative financial instruments designated as hedging instruments Interest rate and currency swap agreements Cost of financing operations (15,488 ) 15,595 (133 ) 122 (339 ) 1,212 Undesignated derivative financial instruments Interest rate and currency swap agreements Cost of financing operations (57,015 ) 119,096 (61,884 ) Foreign exchange gain (loss), net 6,459 (379 ) 12,516 Foreign exchange forward and option contracts Cost of financing operations 31,738 (16,363 ) 2,614 Foreign exchange gain (loss), net (4,108 ) 115,256 81,614 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, 2017 is ¥5,656 million. The aggregate fair value amount of assets that are already posted as cash collateral as of March 31, 2017 is ¥113,648 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 ¥5,656 million as of March 31, 2017. |
Other financial instruments
Other financial instruments | 12 Months Ended |
Mar. 31, 2017 | |
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 27 to the consolidated financial statements for three levels of input which are used to measure fair value. Yen in millions March 31, 2016 Estimated fair value Carrying amount Level 1 Level 2 Level 3 Total Assets (Liabilities) Cash and cash equivalents 2,939,428 2,023,744 915,684 — 2,939,428 Time deposits 1,032,034 — 1,032,034 — 1,032,034 Total finance receivables, net 13,525,997 — — 13,597,910 13,597,910 Other receivables 451,406 — — 451,406 451,406 Short-term borrowings (4,698,134 ) — (4,698,134 ) — (4,698,134 ) Long-term debt including the current portion (13,573,517 ) — (11,882,343 ) (1,900,953 ) (13,783,296 ) Yen in millions March 31, 2017 Estimated fair value Carrying amount Level 1 Level 2 Level 3 Total Assets (Liabilities) Cash and cash equivalents 2,995,075 2,103,469 891,606 — 2,995,075 Time deposits 1,082,654 — 1,082,654 — 1,082,654 Total finance receivables, net 14,064,660 — — 14,226,440 14,226,440 Other receivables 436,867 — — 436,867 436,867 Short-term borrowings (4,953,682 ) — (4,953,682 ) — (4,953,682 ) Long-term debt including the current portion (14,179,796 ) — (12,241,617 ) (2,065,884 ) (14,307,501 ) 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. |
Lease commitments
Lease commitments | 12 Months Ended |
Mar. 31, 2017 | |
Lease commitments | 23. Lease commitments: Toyota leases certain assets under capital lease and operating lease arrangements. An analysis of leased assets under capital leases is as follows: Yen in millions March 31, 2016 2017 Class of property Building 18,411 18,775 Machinery and equipment 29,087 29,630 Less - Accumulated depreciation (27,738 ) (28,703 ) 19,760 19,702 Amortization expenses under capital leases for the years ended March 31, 2015, 2016 and 2017 were ¥4,348 million, ¥4,801 million and ¥4,586 million, respectively. Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of March 31, 2017 are as follows: Years ending March 31, Yen in millions 2018 5,544 2019 4,824 2020 2,674 2021 1,978 2022 1,852 Thereafter 11,178 Total minimum lease payments 28,050 Less - Amount representing interest (5,801 ) Present value of net minimum lease payments 22,249 Less - Current obligations (4,643 ) Long-term capital lease obligations 17,606 Rental expenses under operating leases for the years ended March 31, 2015, 2016 and 2017 were ¥98,479 million, ¥101,932 million and ¥92,321 million, respectively. 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, 2017 are as follows: Years ending March 31, Yen in millions 2018 16,107 2019 12,154 2020 9,444 2021 7,842 2022 7,239 Thereafter 27,729 Total minimum future rentals 80,515 |
Other commitments and contingen
Other commitments and contingencies, concentrations and factors that may affect future operations | 12 Months Ended |
Mar. 31, 2017 | |
Other commitments and contingencies, concentrations and factors that may affect future operations | 24. Other commitments and contingencies, concentrations and factors that may affect future operations: Commitments - Commitments outstanding as of March 31, 2017 for the purchase of property, plant and equipment, other assets and services totaled ¥337,498 million. Guarantees - Toyota enters into contracts with Toyota dealers to guarantee customers’ payments of their installment payables that arise from installment contracts between customers and Toyota dealers, as and when requested by Toyota dealers. Guarantee periods are set to match maturity of installment payments, and as of March 31, 2017, range from 1 month to 35 years; however, they are generally shorter than the useful lives of products sold. Toyota is required to execute its guarantee primarily when customers are unable to make required payments. The maximum potential amount of future payments as of March 31, 2017 is ¥2,596,443 million. Liabilities for guarantees totaling ¥6,360 million have been provided as of March 31, 2017. Under these guarantee contracts, Toyota is entitled to recover any amount paid by Toyota from the customers whose original obligations Toyota has guaranteed. Legal proceedings - From time-to-time, Toyota issues vehicle recalls and takes other safety measures including safety campaigns relating to its vehicles. Since 2009, Toyota issued safety campaigns related to the risk of floor mat entrapment of accelerator pedals and vehicle recalls related to slow-to-return or sticky accelerator pedals. In March 2014, Toyota entered into a Deferred Prosecution Agreement (“DPA”) to resolve an investigation by the U.S. Attorney for the Southern District of New York (“SDNY”) related to unintended acceleration in certain of its vehicles. The DPA provides for an independent monitor to review and assess policies and procedures relating to Toyota’s safety communications process, its process for sharing vehicle accident information internally and its process for preparing and sharing certain technical reports. Personal injury and wrongful death claims involving allegations of unintended acceleration are pending in several consolidated proceedings in federal and state courts, as well as in individual cases in various other states. The judges in the consolidated federal action and the consolidated California state action have approved an Intensive Settlement Process (“ISP”) for such claims in those actions. Under the ISP, all individual claims within the consolidated actions are stayed pending completion of a process to assess whether they can be resolved on terms acceptable to the parties. Cases not resolved after completion of the ISP will then proceed to discovery and toward trial. Toyota has offered the ISP process to plaintiffs in other consolidated actions and in individual cases, as well. Toyota has been named as a defendant in 33 economic loss class action lawsuits in the United States, which, together with similar lawsuits against Takata and other automakers, have been made part of a multi-district litigation proceeding in the United States District Court for the Southern District of Florida, arising out of allegations that airbag inflators manufactured by Takata are defective. Toyota has reached a settlement with the plaintiffs in the United States economic loss class actions. Court approval is being sought for the settlement. Toyota and other automakers have also been named in certain class actions filed in Mexico and Canada, as well as some other actions by states or territories of the United States. Those actions have not been settled and are being litigated. Toyota has received a request for information from the SDNY related to statements concerning one or more reported injuries sustained in Toyota vehicles following deployments of Takata airbags. Toyota has cooperated with the request. Toyota self-reported a process gap in fulfilling certain emissions defect information reporting requirements with the U.S. Environmental Protection Agency (“EPA”) and California Air Resources Board, including updates on its repair completion rates for recalled emissions components and certain other reports concerning emissions related defects. Toyota is involved in discussions with these agencies. The SDNY and EPA have requested certain follow-up information regarding this reporting issue, and Toyota is cooperating with the request. Toyota also has various other pending legal actions and claims, including without limitation personal injury and wrongful death lawsuits and claims in the United States, and is subject to government investigations from-time-to-time. Beyond the amounts accrued with respect to all aforementioned matters, Toyota is unable to estimate a range of reasonably possible loss, if any, for the pending legal matters because (i) many of the proceedings are in evidence gathering stages, (ii) significant factual issues need to be resolved, (iii) the legal theory or nature of the claims is unclear, (iv) the outcome of future motions or appeals is unknown and/or (v) the outcomes of other matters of these types vary widely and do not appear sufficiently similar to offer meaningful guidance. Based upon information currently available to Toyota, however, Toyota believes that its losses from these matters, if any, beyond the amounts accrued, would not have a material adverse effect on Toyota’s financial position, results of operations or cash flows. The parent company has a concentration of labor supply in employees working under collective bargaining agreements and a substantial portion of these employees are working under the agreement that will expire on December 31, 2017. |
Segment data
Segment data | 12 Months Ended |
Mar. 31, 2017 | |
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 and equipment 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, 2015, 2016 and 2017. Segment operating results and assets - As of and for the year ended March 31, 2015: Yen in millions Automotive Financial Services All Other Inter-segment Amount Consolidated Net revenues Sales to external customers 25,006,224 1,621,685 606,612 — 27,234,521 Inter-segment sales and transfers 55,905 39,464 649,179 (744,548 ) — Total 25,062,129 1,661,149 1,255,791 (744,548 ) 27,234,521 Operating expenses 22,736,819 1,299,316 1,190,141 (742,319 ) 24,483,957 Operating income 2,325,310 361,833 65,650 (2,229 ) 2,750,564 Assets 15,897,022 22,378,941 1,889,433 7,564,434 47,729,830 Investment in equity method investees 2,588,127 8,801 10,000 84,294 2,691,222 Depreciation expenses 819,280 564,619 25,176 — 1,409,075 Capital expenditure 1,262,670 2,086,481 39,503 (31,086 ) 3,357,568 As of and for the year ended March 31, 2016: Yen in millions Automotive Financial Services All Other Inter-segment Amount Consolidated Net revenues Sales to external customers 25,923,813 1,854,007 625,298 — 28,403,118 Inter-segment sales and transfers 53,603 42,217 552,089 (647,909 ) — Total 25,977,416 1,896,224 1,177,387 (647,909 ) 28,403,118 Operating expenses 23,528,418 1,556,998 1,110,880 (647,149 ) 25,549,147 Operating income 2,448,998 339,226 66,507 (760 ) 2,853,971 Assets 15,621,757 21,709,010 1,917,148 8,179,682 47,427,597 Investment in equity method investees 2,532,644 9,168 10,801 78,776 2,631,389 Depreciation expenses 900,434 697,991 27,412 — 1,625,837 Capital expenditure 1,389,289 2,638,111 41,826 (10,010 ) 4,059,216 As of and for the year ended March 31, 2017: Yen in millions Automotive Financial Services All Other Inter-segment Amount Consolidated Net revenues Sales to external customers 25,032,229 1,783,697 781,267 — 27,597,193 Inter-segment sales and transfers 49,618 39,903 539,785 (629,306 ) — Total 25,081,847 1,823,600 1,321,052 (629,306 ) 27,597,193 Operating expenses 23,388,874 1,601,172 1,239,725 (626,950 ) 25,602,821 Operating income 1,692,973 222,428 81,327 (2,356 ) 1,994,372 Assets 16,156,496 22,507,613 2,170,498 7,915,579 48,750,186 Investment in equity method investees 2,745,437 9,792 — 90,193 2,845,422 Depreciation expenses 912,797 671,155 26,998 — 1,610,950 Capital expenditure 1,293,564 2,182,149 53,710 12,014 3,541,437 Geographic information - As of and for the year ended March 31, 2015: Yen in millions Japan North America Europe Asia Other Inter-segment Amount Consolidated Net revenues Sales to external customers 8,338,881 9,430,450 2,690,803 4,531,178 2,243,209 — 27,234,521 Inter-segment sales and transfers 6,064,986 247,146 157,491 450,062 206,029 (7,125,714 ) — Total 14,403,867 9,677,596 2,848,294 4,981,240 2,449,238 (7,125,714 ) 27,234,521 Operating expenses 12,832,391 9,093,077 2,767,176 4,559,458 2,337,729 (7,105,874 ) 24,483,957 Operating income 1,571,476 584,519 81,118 421,782 111,509 (19,840 ) 2,750,564 Assets 14,466,432 16,961,700 2,640,054 4,753,850 2,903,474 6,004,320 47,729,830 Long-lived assets 3,062,463 4,632,536 301,736 874,207 424,777 — 9,295,719 As of and for the year ended March 31, 2016: Yen in millions Japan North America Europe Asia Other Inter-segment Amount Consolidated Net revenues Sales to external customers 8,588,437 10,822,772 2,507,292 4,475,623 2,008,994 — 28,403,118 Inter-segment sales and transfers 6,171,051 229,198 154,039 528,236 201,220 (7,283,744 ) — Total 14,759,488 11,051,970 2,661,331 5,003,859 2,210,214 (7,283,744 ) 28,403,118 Operating expenses 13,081,966 10,523,151 2,588,915 4,554,670 2,101,305 (7,300,860 ) 25,549,147 Operating income 1,677,522 528,819 72,416 449,189 108,909 17,116 2,853,971 Assets 14,291,434 16,622,979 2,612,210 4,415,700 2,579,113 6,906,161 47,427,597 Long-lived assets 3,210,376 4,958,989 309,657 869,989 391,406 — 9,740,417 As of and for the year ended March 31, 2017: Yen in millions Japan North America Europe Asia Other Inter-segment Amount Consolidated Net revenues Sales to external customers 8,798,903 10,033,419 2,517,601 4,279,617 1,967,653 — 27,597,193 Inter-segment sales and transfers 6,031,965 205,672 163,438 540,204 193,421 (7,134,700 ) — Total 14,830,868 10,239,091 2,681,039 4,819,821 2,161,074 (7,134,700 ) 27,597,193 Operating expenses 13,628,623 9,927,897 2,693,283 4,384,642 2,102,380 (7,134,004 ) 25,602,821 Operating income (loss) 1,202,245 311,194 (12,244 ) 435,179 58,694 (696 ) 1,994,372 Assets 14,791,969 17,365,237 2,846,469 4,486,021 2,819,935 6,440,555 48,750,186 Long-lived assets 3,376,157 5,274,928 313,182 828,619 404,223 — 10,197,109 “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. Such corporate assets were ¥8,742,168 million, ¥9,369,868 million and ¥9,177,953 million, as of March 31, 2015, 2016 and 2017, respectively. Transfers between industry or geographic segments are made at amounts which Toyota’s management believes approximate arm’s-length transactions. 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. Yen in millions For the years ended March 31, 2015 2016 2017 North America 9,405,305 10,797,304 10,054,431 Europe 2,555,368 2,323,399 2,341,364 Asia 4,231,077 4,292,800 4,414,236 Other 4,947,169 4,724,784 3,923,621 “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 - Yen in millions March 31, 2016 2017 Assets Non-Financial Services Businesses Current assets Cash and cash equivalents 2,318,152 2,257,064 Marketable securities 1,210,427 1,439,944 Trade accounts and notes receivable, less allowance for doubtful accounts 2,089,216 2,191,594 Inventories 2,061,113 2,388,394 Prepaid expenses and other current assets 3,341,150 1,988,016 Total current assets 11,020,058 10,265,012 Investments and other assets 10,204,760 11,276,128 Property, plant and equipment 5,426,247 5,700,818 Total Non-Financial Services Businesses assets 26,651,065 27,241,958 Financial Services Business Current assets Cash and cash equivalents 621,276 738,011 Marketable securities 300,962 381,654 Finance receivables, net 5,912,684 6,196,649 Prepaid expenses and other current assets 895,257 831,924 Total current assets 7,730,179 8,148,238 Noncurrent finance receivables, net 8,642,947 9,012,222 Investments and other assets 1,021,714 850,862 Property, plant and equipment 4,314,170 4,496,291 Total Financial Services Business assets 21,709,010 22,507,613 Eliminations (932,478 ) (999,385 ) Total assets 47,427,597 48,750,186 Assets in the non-financial services include unallocated corporate assets. Yen in millions March 31, 2016 2017 Liabilities Non-Financial Services Businesses Current liabilities Short-term borrowings 586,685 669,947 Current portion of long-term debt 117,484 196,227 Accounts payable 2,356,355 2,540,078 Accrued expenses 2,640,128 3,038,218 Income taxes payable 334,490 203,101 Other current liabilities 1,527,024 1,512,662 Total current liabilities 7,562,166 8,160,233 Long-term liabilities Long-term debt 584,793 590,366 Accrued pension and severance costs 891,405 890,684 Other long-term liabilities 1,690,460 1,206,427 Total long-term liabilities 3,166,658 2,687,477 Total Non-Financial Services Businesses liabilities 10,728,824 10,847,710 Financial Services Business Current liabilities Short-term borrowings 4,418,483 4,605,389 Current portion of long-term debt 3,715,195 4,129,005 Accounts payable 40,094 33,283 Accrued expenses 109,246 117,773 Income taxes payable 8,835 20,473 Other current liabilities 814,298 833,813 Total current liabilities 9,106,151 9,739,736 Long-term liabilities Long-term debt 9,343,632 9,491,504 Accrued pension and severance costs 13,506 14,386 Other long-term liabilities 1,081,789 987,289 Total long-term liabilities 10,438,927 10,493,179 Total Financial Services Business liabilities 19,545,078 20,232,915 Eliminations (934,491 ) (999,392 ) Total liabilities 29,339,411 30,081,233 Mezzanine equity 479,779 485,877 Total Toyota Motor Corporation shareholders’ equity 16,746,935 17,514,812 Noncontrolling interests 861,472 668,264 Total shareholders’ equity 17,608,407 18,183,076 Total liabilities,mezzanine equity and shareholders’ equity 47,427,597 48,750,186 Statements of income - Yen in millions For the years ended March 31, 2015 2016 2017 Non-Financial Services Businesses Net revenues 25,643,508 26,581,102 25,845,453 Costs and expenses Cost of revenues 20,933,168 21,474,386 21,557,194 Selling, general and administrative 2,319,262 2,589,082 2,511,647 Total costs and expenses 23,252,430 24,063,468 24,068,841 Operating income 2,391,078 2,517,634 1,776,612 Other income (expense), net 136,797 117,930 200,370 Income before income taxes and equity in earnings of affiliated 2,527,875 2,635,564 1,976,982 Provision for income taxes 763,445 752,248 562,452 Equity in earnings of affiliated companies 306,749 327,167 360,130 Net income 2,071,179 2,210,483 1,774,660 Less - Net income attributable to noncontrolling interests (130,172 ) (117,544 ) (89,337 ) Net income attributable to Toyota Motor Corporation 1,941,007 2,092,939 1,685,323 Financial Services Business Net revenues 1,661,149 1,896,224 1,823,600 Costs and expenses Cost of revenues 955,380 1,181,437 1,221,268 Selling, general and administrative 343,936 375,561 379,904 Total costs and expenses 1,299,316 1,556,998 1,601,172 Operating income 361,833 339,226 222,428 Other income (expense), net 3,190 8,579 (5,618 ) Income before income taxes and equity in earnings of affiliated 365,023 347,805 216,810 Provision for income taxes 130,049 126,319 66,583 Equity in earnings of affiliated companies 1,796 1,932 1,930 Net income 236,770 223,418 152,157 Less - Net income attributable to noncontrolling interests (4,417 ) (3,963 ) (6,518 ) Net income attributable to Toyota Motor Corporation 232,353 219,455 145,639 Eliminations (22 ) 300 147 Net income attributable to Toyota Motor Corporation 2,173,338 2,312,694 1,831,109 Statements of cash flows - Yen in millions Yen in millions For the year ended March 31, 2015 For the year ended March 31, 2016 Non-Financial Financial Services Business Consolidated Non-Financial Financial Services Business Consolidated Cash flows from operating activities Net income 2,071,179 236,770 2,307,904 2,210,483 223,418 2,434,211 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 844,456 564,619 1,409,075 927,846 697,991 1,625,837 Provision for doubtful accounts and credit losses (1,598 ) 80,567 78,969 69,029 90,236 159,265 Pension and severance costs, less payments (5,263 ) 2,102 (3,161 ) 8,300 533 8,833 Losses on disposal of fixed assets 31,601 24 31,625 33,293 36 33,329 Unrealized losses on available-for-sale securities, net 2,565 13 2,578 3,217 6,055 9,272 Deferred income taxes (114,122 ) 87,260 (26,887 ) (43,237 ) 76,423 32,889 Equity in earnings of affiliated companies (306,749 ) (1,796 ) (308,545 ) (327,167 ) (1,932 ) (329,099 ) Changes in operating assets and liabilities, and other 356,269 (191,791 ) 194,195 386,529 148,376 486,320 Net cash provided by operating activities 2,878,338 777,768 3,685,753 3,268,293 1,241,136 4,460,857 Cash flows from investing activities Additions to finance receivables — (22,325,159 ) (13,126,596 ) — (23,399,113 ) (13,549,278 ) Collection of and proceeds from sales of finance receivables — 21,668,847 12,450,388 — 22,918,132 13,115,854 Additions to fixed assets excluding equipment leased to others (1,133,102 ) (13,216 ) (1,146,318 ) (1,265,174 ) (17,371 ) (1,282,545 ) Additions to equipment leased to others (137,985 ) (2,073,265 ) (2,211,250 ) (155,931 ) (2,620,740 ) (2,776,671 ) Proceeds from sales of fixed assets excluding equipment leased to others 40,032 1,515 41,547 41,154 993 42,147 Proceeds from sales of equipment leased to others 40,878 762,545 803,423 60,989 1,050,738 1,111,727 Purchases of marketable securities and security investments (2,530,591 ) (663,703 ) (3,194,294 ) (1,302,965 ) (894,512 ) (2,197,477 ) Proceeds from sales of and maturity of marketable securities and security investments 2,198,799 484,202 2,683,001 2,471,876 943,939 3,415,815 Payment for additional investments in affiliated companies, net of cash acquired — — — 628 — 628 Changes in investments and other assets, and other (114,094 ) (9,669 ) (113,391 ) (1,371,996 ) 296,788 (1,062,744 ) Net cash used in investing activities (1,636,063 ) (2,167,903 ) (3,813,490 ) (1,521,419 ) (1,721,146 ) (3,182,544 ) Cash flows from financing activities Proceeds from issuance of long-term debt 119,449 4,960,157 5,029,018 110,691 4,815,323 4,845,872 Payments of long-term debt (100,627 ) (3,373,842 ) (3,462,237 ) (71,758 ) (4,127,178 ) (4,176,202 ) Increase (decrease) in short-term borrowings (47,026 ) (259,931 ) (288,724 ) 75,990 (132,852 ) (10,903 ) Proceeds from issuance of class shares — — — 474,917 — 474,917 Dividends paid to Toyota Motor Corporation class shareholders — — — (1,225 ) — (1,225 ) Dividends paid to Toyota Motor Corporation common shareholders (554,933 ) — (554,933 ) (704,728 ) — (704,728 ) Dividends paid to noncontrolling interests (69,295 ) — (69,295 ) (73,129 ) — (73,129 ) Reissuance (repurchase) of treasury stock (347,784 ) — (347,784 ) (778,173 ) — (778,173 ) Net cash provided by (used in) financing activities (1,000,216 ) 1,326,384 306,045 (967,415 ) 555,293 (423,571 ) Effect of exchange rate changes on cash and cash equivalents 27,075 38,004 65,079 (142,301 ) (57,570 ) (199,871 ) Net increase (decrease) in cash and cash equivalents 269,134 (25,747 ) 243,387 637,158 17,713 654,871 Cash and cash equivalents at beginning of year 1,411,860 629,310 2,041,170 1,680,994 603,563 2,284,557 Cash and cash equivalents at end of year 1,680,994 603,563 2,284,557 2,318,152 621,276 2,939,428 Yen in millions For the year ended March 31, 2017 Non-Financial Financial Services Business Consolidated Cash flows from operating activities Net income 1,774,660 152,157 1,926,985 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 939,795 671,155 1,610,950 Provision for doubtful accounts and credit losses 6,519 92,147 98,666 Pension and severance costs, less payments 21,796 1,457 23,253 Losses on disposal of fixed assets 30,461 212 30,673 Unrealized losses on available-for-sale securities, net 4,422 2,651 7,073 Deferred income taxes (59,668 ) 6,504 (53,299 ) Equity in earnings of affiliated companies (360,130 ) (1,930 ) (362,060 ) Changes in operating assets and liabilities, and other 206,455 103,840 131,996 Net cash provided by operating activities 2,564,310 1,028,193 3,414,237 Cash flows from investing activities Additions to finance receivables — (22,894,114 ) (13,636,694 ) Collection of and proceeds from sales of finance receivables — 22,006,010 12,927,981 Additions to fixed assets excluding equipment leased to others (1,206,738 ) (17,140 ) (1,223,878 ) Additions to equipment leased to others (152,550 ) (2,165,009 ) (2,317,559 ) Proceeds from sales of fixed assets excluding equipment leased to others 40,189 1,049 41,238 Proceeds from sales of equipment leased to others 72,659 1,165,619 1,238,278 Purchases of marketable securities and security investments (2,104,202 ) (412,806 ) (2,517,008 ) Proceeds from sales of and maturity of marketable securities and security investments 1,435,267 466,274 1,901,541 Payment for additional investments in affiliated companies, net of cash acquired 44,274 — 44,274 Changes in investments and other assets, and other 582,649 (60,345 ) 571,888 Net cash used in investing activities (1,288,452 ) (1,910,462 ) (2,969,939 ) Cash flows from financing activities Proceeds from issuance of long-term debt 111,727 4,541,541 4,603,446 Payments of long-term debt (82,840 ) (3,773,644 ) (3,845,554 ) Increase in short-term borrowings 51,523 233,331 273,037 Proceeds from issuance of class shares — — — Dividends paid to Toyota Motor Corporation class shareholders (3,697 ) — (3,697 ) Dividends paid to Toyota Motor Corporation common shareholders (634,475 ) — (634,475 ) Dividends paid to noncontrolling interests (63,936 ) — (63,936 ) Reissuance (repurchase) of treasury stock, and other (703,986 ) — (703,986 ) Net cash provided by (used in) financing activities (1,325,684 ) 1,001,228 (375,165 ) Effect of exchange rate changes on cash and cash equivalents (11,262 ) (2,224 ) (13,486 ) Net increase (decrease) in cash and cash equivalents (61,088 ) 116,735 55,647 Cash and cash equivalents at beginning of year 2,318,152 621,276 2,939,428 Cash and cash equivalents at end of year 2,257,064 738,011 2,995,075 |
Per share amounts
Per share amounts | 12 Months Ended |
Mar. 31, 2017 | |
Per share amounts | 26 Per share amounts: Reconciliations of the differences between basic and diluted net income attributable to Toyota Motor Corporation per common share for the years ended March 31, 2015, 2016 and 2017 are as follows: Yen in millions Thousands of shares Yen Net income attributable to Weighted- average common Net income For the year ended March 31, 2015 Basic net income attributable to Toyota Motor Corporation per common share 2,173,338 3,158,851 688.02 Effect of dilutive securities Assumed exercise of dilutive stock options (42 ) 1,578 Diluted net income attributable to Toyota Motor Corporation per common share 2,173,296 3,160,429 687.66 For the year ended March 31, 2016 Net income attributable to Toyota Motor Corporation 2,312,694 Accretion to Mezzanine equity (3,638 ) Dividends to Toyota Motor Corporation Model AA Class Shareholders (2,449 ) Basic net income attributable to Toyota Motor Corporation per common share 2,306,607 3,111,306 741.36 Effect of dilutive securities Model AA Class Shares 6,087 32,429 Assumed exercise of dilutive stock options (21 ) 1,212 Diluted net income attributable to Toyota Motor Corporation per common share 2,312,673 3,144,947 735.36 For the year ended March 31, 2017 Net income attributable to Toyota Motor Corporation 1,831,109 Accretion to Mezzanine equity (4,849 ) Dividends to Toyota Motor Corporation Model AA Class Shareholders (4,946 ) Basic net income attributable to Toyota Motor Corporation per common share 1,821,314 3,008,088 605.47 Effect of dilutive securities Model AA Class Shares 9,795 47,100 Assumed exercise of dilutive stock options (6 ) 638 Diluted net income attributable to Toyota Motor Corporation per common share 1,831,103 3,055,826 599.22 Stock options that were not included in the computation of diluted net income attributable to Toyota Motor Corporation per common share for the years ended March 31, 2015 were 733 thousand shares, because the options’ exercise prices were greater than the average market price per common share during the period.There were no stock options that were not included in the computation of diluted net income attributable to Toyota Motor Corporation per common share for the years ended March 31, 2016 and 2017. In addition to the disclosure requirements under U.S.GAAP, Toyota discloses the information below in order to provide financial statements users with valuable information. The following table shows Toyota Motor Corporation shareholders’ equity per share as of March 31, 2016 and 2017. Toyota Motor Corporation shareholders’ equity per share amounts are calculated by dividing Toyota Motor Corporation shareholders’ equities’ amount at the end of each period by the number of shares issued and outstanding, excluding treasury stock at the end of the corresponding period. 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 As of March 31, 2016 16,746,935 3,037,676 5,513.08 As of March 31, 2017 17,514,812 2,974,723 5,887.88 |
Fair value measurements
Fair value measurements | 12 Months Ended |
Mar. 31, 2017 | |
Fair value measurements | 27. Fair value measurements: In accordance with U.S.GAAP, Toyota classifies fair value into three levels of input as follows which are used to measure it. 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; inputs other than quoted prices that are observable for the valuation of assets or liabilities Level 3: Valuation of assets or liabilities using unobservable inputs which reflect the reporting entity’s assumptions The following table summarizes the fair values of the assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 and 2017. Transfers between levels of the fair value are recognized at the end of their respective reporting periods: Yen in millions March 31, 2016 Level 1 Level 2 Level 3 Total Assets Cash equivalents 100,841 915,684 — 1,016,525 Time deposits — 600,000 — 600,000 Marketable securities and other securities investments Public and corporate bonds 4,911,769 1,029,478 10,334 5,951,581 Common stocks 2,558,931 — — 2,558,931 Other 83,082 68,185 — 151,267 Investments measured at net asset value — — — 197,215 Derivative financial instruments — 362,388 4,423 366,811 Total 7,654,623 2,975,735 14,757 10,842,330 Liabilities Derivative financial instruments — (242,713 ) (1,574 ) (244,287 ) Total — (242,713 ) (1,574 ) (244,287 ) Yen in millions March 31, 2017 Level 1 Level 2 Level 3 Total Assets Cash equivalents 41,876 891,606 — 933,482 Time deposits — 600,000 — 600,000 Marketable securities and other securities investments Public and corporate bonds 4,797,499 1,079,385 8,947 5,885,831 Common stocks 2,686,934 — — 2,686,934 Other 18,191 73,246 — 91,437 Investments measured at net asset value — — — 735,131 Derivative financial instruments — 243,334 87 243,421 Total 7,544,500 2,887,571 9,034 11,176,236 Liabilities Derivative financial instruments — (237,848 ) (7,609 ) (245,457 ) Total — (237,848 ) (7,609 ) (245,457 ) 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 and liabilities measured at fair value, information about the valuation techniques used to measure fair value, key inputs and significant assumptions: Cash equivalents and time deposits - Cash equivalents include money market funds and other investments with original maturities of three months or less. Cash equivalents classified in Level 2 include negotiable certificate of deposit with original maturities of three months or less. These are measured at fair value using primarily observable interest rates in the market. Time deposits consist of negotiable certificates of deposit with original maturities over three months. These are measured at fair value using primarily observable interest rates in the market. Marketable securities and other securities investments - Marketable securities and other securities investments include public and corporate bonds, common stocks and other investments. Public and corporate bonds include government bonds. Japanese bonds as well as U.S., European and other bonds represent 37% and 63% (as of March 31, 2016) and 28% and 72% (as of March 31, 2017) of public and corporate bonds, respectively. Listed stocks on the Japanese stock markets represent 90% and 92% of common stocks as of March 31, 2016 and 2017, respectively. Toyota uses primarily quoted market prices for identical assets to measure fair value of these securities. “Other” includes investment trusts. Generally, Toyota uses quoted market prices for similar assets or quoted non-active market prices for identical assets to measure fair value of these securities. These assets are classified in Level 2. Derivative financial instruments - See note 21 to the consolidated financial statements about derivative financial instruments. Toyota primarily estimates the fair value of derivative financial instruments using industry-standard valuation models that require observable inputs including interest rates and foreign exchange rates, and the contractual terms. The usage of these models does not require significant judgment to be applied. These derivative financial instruments are classified in Level 2. In other certain cases when market data is not available, key inputs to the fair value measurement include quotes from counterparties, and other market data. Toyota assesses the reasonableness of changes of the quotes using observable market data. These derivative financial instruments are classified in Level 3. Toyota’s derivative fair value measurements consider assumptions about counterparty and Toyota’s own non-performance risk, using such as credit default probabilities. 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, 2015, 2016 and 2017: Yen in millions For the year ended March 31, 2015 Marketable securities and Derivative instruments Total Balance at beginning of year 9,092 7,544 16,636 Total gains (losses) Included in income (loss) (33 ) (5,953 ) (5,986 ) Included in other comprehensive income (loss) 227 — 227 Purchases and issuances 4,055 — 4,055 Settlements (2,914 ) (1,169 ) (4,083 ) Other 1,890 588 2,478 Balance at end of year 12,317 1,010 13,327 Yen in millions For the year ended March 31, 2016 Marketable securities and Derivative instruments Total Balance at beginning of year 12,317 1,010 13,327 Total gains (losses) Included in income (loss) 1 2,507 2,508 Included in other comprehensive income (loss) (286 ) — (286 ) Purchases and issuances 931 — 931 Settlements (1,451 ) (479 ) (1,930 ) Other (1,178 ) (189 ) (1,367 ) Balance at end of year 10,334 2,849 13,183 Yen in millions For the year ended March 31, 2017 Marketable securities and Derivative instruments Total Balance at beginning of year 10,334 2,849 13,183 Total gains (losses) Included in income (loss) (16 ) (7,310 ) (7,326 ) Included in other comprehensive income (loss) 60 — 60 Purchases and issuances 1,126 — 1,126 Settlements (2,282 ) (2,693 ) (4,975 ) Other (275 ) (368 ) (643 ) Balance at end of year 8,947 (7,522 ) 1,425 “Included in income (loss)” in marketable securities and other securities investments and derivative financial instruments are included in “Other income (loss), net” and “Cost of financing operations” in the accompanying consolidated statements of income, respectively. In the reconciliation table above, derivative financial instruments are presented net of assets and liabilities. “Other” includes the currency translation adjustments for the years ended March 31, 2015, 2016 and 2017. As of March 31, 2017, the Level 3 assets and liabilities measured at fair value on a recurring basis are not significant. Certain assets and liabilities are measured at fair value on a nonrecurring basis. During the years ended March 31, 2016 and 2017, Toyota measured certain finance receivables at fair value of ¥57,505 million and ¥47,999 million based on the collateral value, resulting in loss of ¥249 million and gain of ¥2,405 million, respectively. This fair value measurement on a nonrecurring basis is classified in Level 3. See note 22 to the consolidated financial statements for the fair value measurement. These Level 3 financial assets are not significant. |
Summary of significant accoun36
Summary of significant accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
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 net realizable value if a decline in market value is determined other-than-temporary. Investments in non-public companies in which Toyota does not exercise significant influence (generally less than a 20% ownership interest) are stated at cost. |
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 marketable securities, litigation liabilities and valuation allowance for deferred tax assets. |
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. |
Revenue recognition | Revenue recognition - Revenues from sales of vehicles and parts are generally recognized upon delivery which is considered to have occurred when the dealer has taken title to the product and the risk and reward of ownership have been substantively transferred, except as described below. 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. 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 a manner similar to operating lease accounting. The underlying vehicles of these transactions are recorded as assets and are depreciated in accordance with Toyota’s depreciation policy. 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. The sale of certain vehicles includes a determinable amount for the contract, which entitles customers to free vehicle maintenance. Such revenues from free maintenance contracts are deferred and recognized as revenue over the period of the contract, which approximates the pattern of the related costs. |
Other costs | Other costs - Advertising and sales promotion costs are expensed as incurred. Advertising costs were ¥435,150 million, ¥489,036 million and ¥448,780 million for the years ended March 31, 2015, 2016 and 2017, 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 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 ¥1,004,547 million, ¥1,055,672 million and ¥1,037,528 million for the years ended March 31, 2015, 2016 and 2017, respectively. |
Cash and cash equivalents | 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. |
Marketable securities | Marketable securities - Marketable securities consist of debt and equity securities. Debt and equity securities designated as available-for-sale are carried at fair value with unrealized gains or losses included 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 net realizable 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 and the extent to which the fair value has been less than the carrying value, the financial condition and prospects of the company and Toyota’s ability and intent to retain its investment in the company for a period of time sufficient to allow for any anticipated recovery in market value. Realized gains and losses, which are determined on the average-cost method, are reflected in the consolidated statements of income when realized. |
Security investments in non-public companies | Security investments in non-public companies - Security investments in non-public companies are carried at cost as fair value is not readily determinable. If the value of a non-public security investment is estimated to have declined and such decline is judged to be other-than-temporary, Toyota recognizes the impairment of the investment and the carrying value is reduced to its fair value. Determination of impairment is based on the consideration of such factors as operating results, business plans and estimated future cash flows. Fair value is determined principally through the use of the latest financial information. |
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, 2016 and 2017, finance receivables on nonaccrual status are as follows: Yen in millions March 31, 2016 2017 Retail 8,107 7,064 Finance leases 682 2,297 Wholesale 16,122 15,018 Real estate 16,801 12,632 Working capital 822 561 42,534 37,572 As of March 31, 2016 and 2017, finance receivables 90 days or more past due and accruing are as follows: Yen in millions March 31, 2016 2017 Retail 23,419 26,616 Finance leases 3,984 3,526 27,403 30,142 |
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. |
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. |
Inventories | Inventories - Inventories are valued at cost, not in excess of market, 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 ¥382,660 million and ¥433,802 million at March 31, 2016 and 2017, respectively. Had the “first-in, first-out” basis been used for those companies using the LIFO basis, inventories would have been ¥13,297 million and ¥40,650 million higher than reported at March 31, 2016 and 2017, respectively. |
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 mainly computed on the declining-balance method for the parent company and Japanese subsidiaries and on the straight-line method for foreign subsidiary companies at rates based on estimated useful lives of the respective assets according to general class, type of construction and use. The estimated useful lives range from 2 to 65 years for buildings and from 2 to 20 years for machinery and equipment. 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. |
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. |
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. |
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. |
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. |
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. |
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. The ineffective portion of all hedges is recognized currently in operations. |
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. |
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. |
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. |
Accounting changes | Accounting changes - In February 2015, the Financial Accounting Standards Board (“FASB”) issued updated guidance that amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. Toyota adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. In April 2015, the FASB issued updated guidance that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. In August 2015, the FASB issued an additional update which clarifies that debt issuance costs for line of credit agreements may continue to be deferred and amortized. Toyota adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. For the previous consolidated fiscal year, debt issuance costs are recorded at “Other” in “Investments and other assets” on the consolidated balance sheet in the amount of 23,695 million yen. In April 2015, the FASB issued updated guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. Toyota adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. In May 2015, the FASB issued updated guidance on disclosures for investments in certain entities that calculate net asset value per share. This guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Toyota adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. For a further discussion of additional disclosures by adoption of this guidance, see note 20 and 27 to the consolidated financial statements. In November 2015, the FASB issued updated guidance to simplify the balance sheet classification of deferred taxes. This guidance will require that deferred tax assets and liabilities be classified as noncurrent on the balance sheet. Toyota early adopted this guidance on April 1, 2016. Toyota adopted this guidance on a prospective basis from April 1, 2016 and prior periods were not retrospectively adjusted. In March 2016, the FASB issued updated guidance to simplify the requirement in applying the equity method of accounting. This update eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively as if the equity method had been in effect during all previous periods that the investment had been held. Toyota early adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. |
Recent pronouncements to be adopted in future periods | Recent pronouncements to be adopted in future periods - In May 2014, the FASB issued updated guidance on the recognition of revenue from contracts with customers. This guidance requires an entity to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and supersedes the current revenue recognition guidance. In August 2015, the FASB issued updated guidance on the deferral of the effective date. As a result, this guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. This guidance may be adopted retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. Toyota currently plans to adopt the modified retrospective method of adoption from the fiscal year beginning April 1, 2018. Toyota’s current efforts to this end include the identification of revenue within the scope of this guidance, as well as the evaluation of revenue contracts. Toyota continues to assess the impact of adoption of this guidance on its consolidated financial statements and related disclosure. In July 2015, the FASB issued updated guidance to simplify the measurement of inventory. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements. In January 2016, the FASB issued updated guidance for financial instruments. This guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and will require entities to measure equity investments at fair value and recognize any changes in fair value in net income. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements. In February 2016, the FASB issued updated guidance for leases. This guidance will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements. In March 2016, the FASB issued updated guidance for the effect of derivative contract novations on existing hedge accounting relationships. This guidance clarifies that a change in the counterparty to a designated derivative hedging instrument does not, in and of itself, require designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Management does not expect this guidance to have a material impact on Toyota’s consolidated financial statements. In March 2016, the FASB issued updated guidance for contingent put and call options in debt instruments. This guidance clarifies whether embedded contingent put and call options are clearly and closely related to the debt host when bifurcating embedded derivatives. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Management does not expect this guidance to have a material impact on Toyota’s consolidated financial statements. In June 2016, the FASB issued updated guidance for measurement of credit losses on financial instruments. This guidance introduces an approach to estimate credit losses on certain types of financial instruments based on expected losses. It also modifies the impairment model for available-for-sale debt securities. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements. In August 2016, the FASB issued updated guidance for classification of statement of cash flows. This guidance clarifies classification of certain cash receipts and cash payments of statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements. In October 2016, the FASB issued updated guidance that would require entities to recognize the income tax consequences of intercompany asset transfers other than inventory. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Management does not expect this guidance to have a material impact on Toyota’s consolidated financial statements. In October 2016, the FASB issued updated guidance for consolidation. Under this guidance, a reporting entity would evaluate its indirect economic interest in a variable interest entity held through a related party under common control on a proportionate basis. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Management does not expect this guidance to have a material impact on Toyota’s consolidated financial statements. In November 2016, the FASB issued updated guidance for the statement of cash flows. This guidance will require that restricted cash and restricted cash equivalents should be included with cash and cash equivalents. It will also require entities to disclose how the statement of cash flows that includes restricted cash with cash and cash equivalents reconciles to the balance sheet. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements. |
Reclassifications | Reclassifications - Certain prior year amounts have been reclassified to conform to the presentations as of and for the year ended March 31, 2017. |
Summary of significant accoun37
Summary of significant accounting policies (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Finance Receivables on Nonaccrual Status | As of March 31, 2016 and 2017, finance receivables on nonaccrual status are as follows: Yen in millions March 31, 2016 2017 Retail 8,107 7,064 Finance leases 682 2,297 Wholesale 16,122 15,018 Real estate 16,801 12,632 Working capital 822 561 42,534 37,572 |
Finance Receivables 90 Days or More Past Due and Accruing | As of March 31, 2016 and 2017, finance receivables 90 days or more past due and accruing are as follows: Yen in millions March 31, 2016 2017 Retail 23,419 26,616 Finance leases 3,984 3,526 27,403 30,142 |
Marketable securities and oth38
Marketable securities and other securities investments (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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: Yen in millions March 31, 2016 Cost Gross unrealized gains Gross unrealized Fair value Available-for-sale Public and corporate bonds 5,706,026 261,226 15,671 5,951,581 Common stocks 661,796 1,897,439 304 2,558,931 Other 318,240 30,282 40 348,482 Total 6,686,062 2,188,947 16,015 8,858,994 Securities not practicable to determine fair value Public and corporate bonds 20,253 Common stocks 71,941 Total 92,194 Yen in millions March 31, 2017 Cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Public and corporate bonds 5,789,221 145,640 49,030 5,885,831 Common stocks 668,345 2,018,910 321 2,686,934 Other 819,514 9,724 2,670 826,568 Total 7,277,080 2,174,274 52,021 9,399,333 Securities not practicable to determine fair value Public and corporate bonds 25,257 Common stocks 76,936 Total 102,193 |
Finance receivables (Tables)
Finance receivables (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Schedule of Finance Receivables | Finance receivables consist of the following: Yen in millions March 31, 2016 2017 Retail 11,156,798 11,453,352 Finance leases 1,144,312 1,265,882 Wholesale and other dealer loans 2,994,171 3,281,142 15,295,281 16,000,376 Deferred origination costs 169,467 172,298 Unearned income (754,836 ) (804,591 ) Allowance for credit losses Retail (98,853 ) (104,354 ) Finance leases (24,600 ) (23,962 ) Wholesale and other dealer loans (30,828 ) (30,896 ) Total allowance for credit losses (154,281 ) (159,212 ) Total finance receivables, net 14,555,631 15,208,871 Less - Current portion (5,912,684 ) (6,196,649 ) Noncurrent finance receivables, net 8,642,947 9,012,222 |
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, 2017 are summarized as follows: Yen in millions Years ending March 31, Retail Finance leases Wholesale and other dealer loans 2018 3,743,543 323,426 2,437,941 2019 2,794,572 250,978 275,706 2020 2,191,969 190,217 151,757 2021 1,471,456 87,492 111,925 2022 791,695 31,798 139,923 Thereafter 460,117 5,611 163,890 11,453,352 889,522 3,281,142 |
Summary of Finance Leases | Finance leases consist of the following: Yen in millions March 31, 2016 2017 Minimum lease payments 810,088 889,522 Estimated unguaranteed residual values 334,224 376,360 1,144,312 1,265,882 Deferred origination costs 5,135 5,809 Less - Unearned income (95,213 ) (103,518 ) Less - Allowance for credit losses (24,600 ) (23,962 ) Finance leases, net 1,029,634 1,144,211 |
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, 2016 and 2017: Yen in millions March 31, 2016 Retail Finance leases Wholesale Real estate Working capital Current 10,966,689 1,135,474 1,482,697 817,896 692,784 30-59 days past due 128,603 2,896 1 — — 60-89 days past due 29,995 1,465 — — — 90 days or greater past due 31,511 4,477 3 480 310 Total 11,156,798 1,144,312 1,482,701 818,376 693,094 Yen in millions March 31, 2017 Retail Finance leases Wholesale Real estate Working capital Current 11,264,660 1,255,626 1,707,432 848,757 722,697 30-59 days past due 125,626 5,114 1,327 — 405 60-89 days past due 29,321 1,321 — — — 90 days or greater past due 33,745 3,821 — 266 258 Total 11,453,352 1,265,882 1,708,759 849,023 723,360 |
Recorded Investment for each Credit Quality of Finance Receivable within Wholesale and Other Dealer Loan Receivables Portfolio Segment in United States and Other Regions | The tables below show the recorded investment for each credit quality of the finance receivable within the wholesale and other dealer loan receivables portfolio segment in the United States and other regions as of March 31, 2016 and 2017: United States 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 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, 2016 Wholesale Real estate Working capital Total Performing 912,643 430,673 189,969 1,533,285 Credit Watch 117,346 85,963 25,753 229,062 At Risk 12,683 12,311 1,937 26,931 Default 976 1,085 151 2,212 Total 1,043,648 530,032 217,810 1,791,490 Yen in millions March 31, 2017 Wholesale Real estate Working capital Total Performing 1,076,164 449,884 233,677 1,759,725 Credit Watch 142,336 68,726 16,049 227,111 At Risk 1,286 5,071 561 6,918 Default 8,791 5,079 544 14,414 Total 1,228,577 528,760 250,831 2,008,168 Other regions Credit qualities of the wholesale and other dealer loan receivables portfolio segment in other regions are also monitored based on internal risk assessments by dealers on a consistent basis as in the United States. These accounts classified as “Credit Watch” or “At Risk” were not significant in other regions, and consequently the tables below summarize information for two categories, “Performing” and “Default”. Yen in millions March 31, 2016 Wholesale Real estate Working capital Total Performing 436,839 284,512 474,731 1,196,082 Default 2,214 3,832 553 6,599 Total 439,053 288,344 475,284 1,202,681 Yen in millions March 31, 2017 Wholesale Real estate Working capital Total Performing 460,308 316,008 472,198 1,248,514 Default 19,874 4,255 331 24,460 Total 480,182 320,263 472,529 1,272,974 |
Impaired Finance Receivables | The tables below summarize information about impaired finance receivables: Yen in millions Recorded investment Unpaid principal balance Individually evaluated allowance March 31, March 31, March 31, 2016 2017 2016 2017 2016 2017 Impaired account balances individually evaluated for impairment with an allowance: Wholesale 13,374 10,667 13,374 10,667 1,303 1,373 Real estate 13,891 10,986 13,891 10,986 1,934 1,596 Working capital 4,851 3,793 4,851 3,793 3,916 1,291 Total 32,116 25,446 32,116 25,446 7,153 4,260 Impaired account balances individually evaluated for impairment without an allowance: Wholesale 21,056 15,033 21,056 15,033 Real estate 11,098 11,780 11,098 11,780 Working capital 388 — 388 — Total 32,542 26,813 32,542 26,813 Impaired account balances aggregated and evaluated for impairment: Retail 27,854 27,269 27,149 26,597 Finance leases 85 66 75 54 Total 27,939 27,335 27,224 26,651 Total impaired account balances: Retail 27,854 27,269 27,149 26,597 Finance leases 85 66 75 54 Wholesale 34,430 25,700 34,430 25,700 Real estate 24,989 22,766 24,989 22,766 Working capital 5,239 3,793 5,239 3,793 Total 92,597 79,594 91,882 78,910 Yen in millions Average impaired finance receivables Interest income recognized For the years ended March 31, For the years ended March 31, 2016 2017 2016 2017 Total impaired account balances: Retail 31,368 26,628 2,155 1,741 Finance leases 96 76 2 0 Wholesale 29,315 26,306 481 650 Real estate 23,441 22,482 721 867 Working capital 5,486 4,208 240 217 Total 89,706 79,700 3,599 3,475 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Components of Inventories | Inventories consist of the following: Yen in millions March 31, 2016 2017 Finished goods 1,323,477 1,552,823 Raw materials 367,079 413,049 Work in process 265,570 309,387 Supplies and other 105,385 113,358 Total 2,061,511 2,388,617 |
Vehicles and equipment on ope41
Vehicles and equipment on operating leases (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Vehicles and Equipment on Operating Lease | Vehicles and equipment on operating leases consist of the following: Yen in millions March 31, 2016 2017 Vehicles 5,778,463 6,105,527 Equipment 12,836 13,096 Less - Deferred income and other (138,677 ) (152,044 ) 5,652,622 5,966,579 Less - Accumulated depreciation (1,133,785 ) (1,263,774 ) Less - Allowance for credit losses (13,049 ) (18,889 ) Vehicles and equipment on operating leases, net 4,505,788 4,683,916 |
Future Minimum Rentals from Vehicles and Equipment on Operating Leases | March 31, 2015, 2016 and 2017, respectively. Future minimum rentals from vehicles and equipment on operating leases are due in installments as follows: Years ending March 31, Yen in millions 2018 792,555 2019 528,657 2020 216,929 2021 44,847 2022 12,193 Thereafter 2,049 Total minimum future rentals 1,597,230 |
Allowance for doubtful accoun42
Allowance for doubtful accounts and credit losses (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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, 2015, 2016 and 2017 are as follows: Yen in millions For the years ended March 31, 2015 2016 2017 Allowance for doubtful accounts at beginning of year 47,518 50,410 94,853 Provision for doubtful accounts, net of reversal (1,598 ) 69,029 6,519 Write-offs (289 ) (20,649 ) (3,839 ) Other 4,779 (3,937 ) 3,179 Allowance for doubtful accounts at end of year 50,410 94,853 100,712 |
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, 2015, 2016 and 2017 are as follows: Yen in millions For the years ended March 31, 2015 2016 2017 Allowance for credit losses at beginning of year 153,602 178,038 167,330 Provision for credit losses, net of reversal 80,567 90,236 92,147 Charge-offs (84,310 ) (102,948 ) (99,550 ) Recoveries 18,173 22,356 21,757 Other 10,006 (20,352 ) (3,583 ) Allowance for credit losses at end of year 178,038 167,330 178,101 |
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, 2015, 2016 and 2017 are as follows: Yen in millions For the year ended March 31, 2015 Retail Finance leases Wholesale and other dealer Allowance for credit losses at beginning of year 89,439 30,585 26,358 Provision for credit losses, net of reversal 70,129 (858 ) 2,531 Charge-offs (71,403 ) (2,568 ) (603 ) Recoveries 15,008 497 78 Other 6,143 1,647 1,689 Allowance for credit losses at end of year 109,316 29,303 30,053 Yen in millions For the year ended March 31, 2016 Retail Finance leases Wholesale and other dealer Allowance for credit losses at beginning of year 109,316 29,303 30,053 Provision for credit losses, net of reversal 65,677 1,742 4,962 Charge-offs (83,116 ) (3,833 ) (667 ) Recoveries 18,999 380 230 Other (12,023 ) (2,992 ) (3,750 ) Allowance for credit losses at end of year 98,853 24,600 30,828 Yen in millions For the year ended March 31, 2017 Retail Finance leases Wholesale and Allowance for credit losses at beginning of year 98,853 24,600 30,828 Provision for credit losses, net of reversal 67,433 1,657 854 Charge-offs (78,114 ) (2,007 ) (324 ) Recoveries 18,282 194 160 Other (2,100 ) (482 ) (622 ) Allowance for credit losses at end of year 104,354 23,962 30,896 |
Affiliated companies and vari43
Affiliated companies and variable interest entities (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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: Yen in millions March 31, 2016 2017 Current assets 11,299,674 11,795,296 Noncurrent assets 10,961,889 11,003,432 Total assets 22,261,563 22,798,728 Current liabilities 7,414,894 7,419,176 Long-term liabilities and noncontrolling interests 5,509,745 5,423,938 Affiliated companies accounted for by the equity method shareholders’ equity 9,336,924 9,955,614 Total liabilities and shareholders’ equity 22,261,563 22,798,728 Toyota’s share of affiliated companies accounted for by the equity method shareholders’ equity 2,631,389 2,845,422 Number of affiliated companies accounted for by the equity method at end of period 54 54 Yen in millions For the years ended March 31, 2015 2016 2017 Net revenues 30,163,457 31,037,029 30,309,263 Gross profit 3,614,946 3,852,899 3,644,267 Net income attributable to affiliated companies accounted for by the equity method 966,133 957,742 1,099,080 Equity in earnings of affiliated companies attributable to Toyota Motor Corporation 308,545 329,099 362,060 |
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: Percentage of ownership March 31, Name of affiliated companies 2016 2017 Denso Corporation 24.9 % 24.9 % Toyota Industries Corporation 24.6 % 24.9 % Aisin Seiki Co., Ltd. 23.3 % 24.1 % Toyota Tsusho Corporation 22.0 % 22.0 % Toyoda Gosei Co., Ltd. 43.0 % 43.0 % |
Account Balances and Transactions with Affiliated Companies | Account balances and transactions with affiliated companies are presented below: Yen in millions March 31, 2016 2017 Trade accounts and notes receivable, and other receivables 256,700 289,406 Accounts payable and other payables 676,415 691,173 Yen in millions For the years ended March 31, 2015 2016 2017 Net revenues 1,785,238 1,804,493 1,914,318 Purchases 5,065,613 4,359,854 5,357,682 |
Short-term borrowings and lon44
Short-term borrowings and long-term debt (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Short-term Borrowings | Short-term borrowings at March 31, 2016 and 2017 consist of the following: Yen in millions March 31, 2016 2017 Loans, principally from banks, with a weighted-average interest at March 31, 2016 1,068,417 1,125,324 Commercial paper with a weighted-average interest at March 31, 2016 and March 31, 2017 of 0.71% and of 1.08% per annum, respectively 3,629,717 3,828,358 4,698,134 4,953,682 |
Long-term Debt | Long-term debt at March 31, 2016 and 2017 comprises the following: Yen in millions March 31, 2016 2017 Unsecured loans, representing obligations principally to banks, due 2016 to 2035 in 2016 and due 2017 to 2036 in 2017 with a weighted-average interest at March 31, 2016 and March 31, 2017 of 2.24% and of 2.44% per annum, respectively 3,403,347 3,318,865 Secured loans, representing obligations principally to finance receivables securitization due 2016 to 2030 in 2016 and due 2017 to 2030 in 2017 with a weighted-average interest at March 31, 2016 and March 31, 2017 of 1.11% and of 1.43% per annum, respectively 1,909,830 2,080,362 Medium-term notes of consolidated subsidiaries, due 2016 to 2047 in 2016 and due 2017 to 2046 in 2017 with a weighted-average interest at March 31, 2016 and March 31, 2017 of 2.05% and of 2.12% per annum, respectively 6,409,141 6,923,511 Unsecured notes of parent company, due 2016 to 2024 in 2016 and due 2017 to 2036 in 2017 with a weighted-average interest at March 31, 2016 and March 31, 2017 of 1.43% and of 1.35% per annum, respectively 350,000 370,000 Unsecured notes of consolidated subsidiaries, due 2016 to 2031 in 2016 and due 2017 to 2032 in 2017 with a weighted-average interest at March 31, 2016 and March 31, 2017 of 2.30% and of 2.17% per annum, respectively 1,467,199 1,430,022 Secured notes of consolidated subsidiaries, due 2016 to 2019 in 2016 and due 2017 to 2020 in 2017 with a weighted-average interest at March 31, 2016 and March 31, 2017 of 8.58% and of 8.14% per annum, respectively 34,000 57,036 Long-term capital lease obligations, due 2016 to 2035 in 2016 and due 2017 to 2035 in 2017 with interest ranging from 0.23% to 14.73% per annum in 2016 and from 0.37% to 14.73% per annum in 2017 21,502 22,249 13,595,019 14,202,045 Less - Current portion due within one year (3,822,954 ) (4,290,449 ) 9,772,065 9,911,596 |
Aggregate Amounts of Annual Maturities of Long-term Debt During Next Five Years | The aggregate amounts of annual maturities of long-term debt during the next five years are as follows: Years ending March 31, Yen in millions 2018 4,290,449 2019 2,861,129 2020 2,658,721 2021 1,711,573 2022 1,581,938 |
Product Warranties and Recall45
Product Warranties and Recalls and Other Safety Measures (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Net Changes in Liabilities for Quality Assurances | The net changes in liabilities for quality assurances above for the years ended March 31, 2015, 2016 and 2017 consist of the following: Yen in millions For the years ended March 31, 2015 2016 2017 Liabilities for quality assurances at beginning of year 1,154,021 1,328,916 1,403,764 Payments made during year (509,488 ) (501,073 ) (604,853 ) Provision for quality assurances 686,006 636,719 919,086 Changes relating to pre-existing quality assurances (25,619 ) (39,225 ) (24,147 ) Other 23,996 (21,573 ) 3,088 Liabilities for quality assurances at end of year 1,328,916 1,403,764 1,696,938 |
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 safety measures which are comprised in liabilities for quality assurances above for the years ended March 31, 2015, 2016 and 2017. Yen in millions For the years ended March 31, 2015 2016 2017 Liabilities for recalls and other safety measures at beginning of year 680,475 755,050 925,475 Payments made during year (357,447 ) (347,861 ) (444,416 ) Provision for recalls and other safety measures 421,618 524,100 794,009 Other 10,404 (5,814 ) 132 Liabilities for recalls and other safety measures at end of year 755,050 925,475 1,275,200 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Components of Income Before Income Taxes | The components of income before income taxes comprise the following: Yen in millions For the years ended March 31, 2015 2016 2017 Income before income taxes: Parent company and domestic subsidiaries 1,685,909 1,834,413 1,423,208 Foreign subsidiaries 1,206,919 1,148,968 770,617 2,892,828 2,983,381 2,193,825 |
Provision for Income Taxes | The provision for income taxes consists of the following: Yen in millions For the years ended March 31, 2015 2016 2017 Current income tax expense: Parent company and domestic subsidiaries 552,122 591,868 435,560 Foreign subsidiaries 368,234 253,512 246,639 Total current 920,356 845,380 682,199 Deferred income tax expense (benefit): Parent company and domestic subsidiaries (77,653 ) (40,934 ) (21,756 ) Foreign subsidiaries 50,766 73,823 (31,543 ) Total deferred (26,887 ) 32,889 (53,299 ) Total provision 893,469 878,269 628,900 |
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: For the years ended March 31, 2015 2016 2017 Statutory tax rate 35.2 % 32.9 % 31.1 % Increase (reduction) in taxes resulting from: Non-deductible expenses 1.5 0.3 0.4 Deferred tax liabilities on undistributed earnings of foreign subsidiaries 1.0 1.0 1.3 Deferred tax liabilities on undistributed earnings of affiliated companies accounted for by the equity method 2.5 2.4 3.3 Valuation allowance (0.5 ) (0.4 ) (0.6 ) Tax credits (5.3 ) (4.7 ) (4.8 ) The difference between the statutory tax rate in Japan and that of foreign subsidiaries (2.4 ) (1.3 ) (1.9 ) Unrecognized tax benefits adjustments 3.2 0.2 0.4 Revision to reduce deferred tax assets and liabilities at the fiscal year-end due to changes in tax rates (1.9 ) (0.5 ) — Other (2.4 ) (0.5 ) (0.5 ) Effective income tax rate 30.9 % 29.4 % 28.7 % |
Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows: Yen in millions March 31, 2016 2017 Deferred tax assets Accrued pension and severance costs 283,713 219,465 Accrued expenses and liabilities for quality assurances 586,628 644,936 Other accrued employees’ compensation 116,420 114,752 Operating loss carryforwards for tax purposes 201,957 76,317 Allowance for doubtful accounts and credit losses 68,686 82,916 Property, plant and equipment and other assets 241,454 234,372 Other 275,023 335,992 Gross deferred tax assets 1,773,881 1,708,750 Less - Valuation allowance (151,665 ) (146,623 ) Total deferred tax assets 1,622,216 1,562,127 Deferred tax liabilities Unrealized gains on securities, net (692,972 ) (692,962 ) Undistributed earnings of foreign subsidiaries (30,112 ) (28,544 ) Undistributed earnings of affiliated companies accounted for by the equity (656,448 ) (709,094 ) Basis difference of acquired assets (31,171 ) (31,861 ) Lease transactions (1,073,518 ) (973,000 ) Other (93,206 ) (46,407 ) Gross deferred tax liabilities (2,577,427 ) (2,481,868 ) Net deferred tax liability (955,211 ) (919,741 ) The deferred tax assets and liabilities above that comprise the net deferred tax liability are included in the consolidated balance sheets as follows: Yen in millions March 31, 2016 2017 Deferred tax assets Deferred income taxes (Current assets) 967,607 — Investments and other assets - Other 151,431 503,985 Deferred tax liabilities Other current liabilities (28,160 ) — Deferred income taxes (Long-term liabilities) (2,046,089 ) (1,423,726 ) Net deferred tax liability (955,211 ) (919,741 ) |
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, 2015, 2016 and 2017 consist of the following: Yen in millions For the years ended March 31, 2015 2016 2017 Valuation allowance at beginning of year 189,894 169,811 151,665 Additions 34,485 33,243 27,147 Deductions (50,247 ) (43,723 ) (37,891 ) Other (4,321 ) (7,666 ) 5,702 Valuation allowance at end of year 169,811 151,665 146,623 |
Summary of Gross Unrecognized Tax Benefits Changes | A summary of the gross unrecognized tax benefits changes for the years ended March 31, 2015, 2016 and 2017 is as follows: Yen in millions For the years ended March 31, 2015 2016 2017 Balance at beginning of year 19,393 13,644 19,250 Additions based on tax positions related to the current year 593 1,001 8,187 Additions for tax positions of prior years 94,852 6,378 6,076 Reductions for tax positions of prior years (4,015 ) (77 ) (5,593 ) Reductions for tax positions related to lapse of statute of limitations (58 ) (7 ) (9 ) Reductions for settlements (98,929 ) (427 ) (6,317 ) Other 1,808 (1,262 ) (41 ) Balance at end of year 13,644 19,250 21,553 |
Class Shares (Tables)
Class Shares (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Additional Information Regarding Model AA Class Shares | “Model AA Class Shares”) on July 24, 2015. Presented below is additional information regarding the Model AA Class Shares: Total number of shares issued : 47,100,000 shares Issue price : 10,598 yen per share Purchase price : 10,121.09 yen per share 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. |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Changes in Number of Shares of Common Stock Issued | Changes in the number of shares of common stock issued have resulted from the following: For the years ended March 31, 2015 2016 2017 Common stock issued Balance at beginning of year 3,447,997,492 3,417,997,492 3,337,997,492 Issuance during the year — — — Purchase and retirement (30,000,000 ) (80,000,000 ) (75,000,000 ) Balance at end of year 3,417,997,492 3,337,997,492 3,262,997,492 |
Additional Information Regarding Repurchase, Reissuance and Retirement of Treasury Stock | The repurchase was made to avoid the dilution of common share value triggered by the reissuance of treasury stock described below, and to promote capital efficiency and agile capital policy in view of the business environment. Details of matters relating to repurchase Number of common shares repurchased 55,521,900 shares Total purchase price for repurchase of shares ¥359,994 million Reissuance of treasury stock Reason for reissuing treasury stock - TMC resolved at the Meeting of the Board of Directors held on March 26, 2014 to establish Toyota Mobility Foundation, a General Incorporated Foundation (the “Foundation”). The reissuance of treasury stock was made by way of third-party allotment to a trust that was established by TMC to provide funding for the activities of the Foundation through dividends, etc. on TMC’s common stock. Details of matters relating to reissuance - Number of common shares reissued 30,000,000 shares Price of reissuance ¥1 per share Amount of proceeds ¥30 million Retirement of treasury stock Reason for retiring treasury stock - The retirement was made to relieve concerns regarding the dilution of common share value due to reissuance of treasury stock in the future. Details of matters relating to retirement - Number of common shares retired 30,000,000 shares The amount on retirement of treasury stock and the amount of the difference between fair value and book value of treasury stock on reissuance for the Foundation were treated as a reduction in additional paid-in capital and retained earnings and the amount of the difference between amount of proceeds and fair value of treasury stock on reissuance was included in Other income (expense). The fair value of treasury stock was measured using a dividend discount model due to the restrictions on transfer in the reissued stock for the Foundation. As a result, treasury stock, additional paid-in capital, retained earnings and Other income (expense) decreased by ¥246,807 million, ¥4,624 million, ¥142,753 million and ¥99,400 million, respectively. For the year ended March 31, 2016 Repurchase of treasury stock Reason for repurchasing treasury stock - The repurchase was made to avoid the dilution of common share value as a result of the issuance of the First Series Model AA Class Shares. Details of matters relating to repurchase - Number of common shares repurchased 47,100,000 shares Total purchase price for repurchase of shares ¥349,935 million 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 - Number of common shares repurchased 62,942,900 shares Total purchase price for repurchase of shares ¥432,692 million Retirement of treasury stock Reason for retiring treasury stock - The retirement was made to relieve concerns regarding the dilution of common share value due to reissuance of treasury stock in the future. Details of matters relating to retirement - Number of common shares retired 80,000,000 shares The amount on retirement of treasury stock was treated as a reduction in additional paid-in capital and retained earnings. As a result, treasury stock, additional paid-in capital and retained earnings decreased by ¥400,537 million, ¥1,048 million and ¥399,489 million, respectively. For the year ended March 31, 2017 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 - Number of common shares repurchased 116,555,700 shares Total purchase price for repurchase of shares ¥699,986 million Reissuance of treasury stock Reason for reissuing treasury stock and details of matters relating to reissuance - On August 1, 2016, the parent company implemented share exchange as a result of which the parent company became a wholly owning parent company and Daihatsu Motor Co., Ltd. (“Daihatsu”) became a wholly owned subsidiary, and the parent company acquired additional shares of Daihatsu. As a result of this share exchange, the parent company issued 52,856,096 shares of treasury stock, treasury stock decreased by ¥283,561 million and gains on disposal of treasury stock occurred in the amount of ¥27,972 million. As a result, additional paid-in capital increased by ¥27,972 million. As a result of acquiring additional shares of Daihatsu, additional paid-in capital, noncontrolling interests and accumulated other comprehensive income (loss) decreased by ¥53,742 million, ¥255,565 million and ¥2,226 million, respectively. Retirement of treasury stock Reason for retiring treasury stock - The retirement was made to relieve concerns regarding the dilution of common share value due to reissuance of treasury stock in the future. Details of matters relating to retirement - Number of common shares retired 75,000,000 shares |
Accumulated other comprehensi49
Accumulated other comprehensive income (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Components of Accumulated Other Comprehensive Income (Loss) and Related Changes, Net of Taxes | Changes in accumulated other comprehensive income (loss) are as follows: Yen in millions Foreign Accumulated Balance at March 31, 2014 (516,538 ) 1,160,563 (115,864 ) 528,161 Other comprehensive income (loss) before reclassifications, net of taxes of ¥(8,742) million, ¥(309,767) million, ¥2,853 million and ¥(315,656) million 404,352 596,417 621 1,001,390 Reclassifications, net of taxes of ¥— million, ¥11,013 million, ¥(2,153) million and ¥8,860 million — (18,714 ) 3,695 (15,019 ) Other comprehensive income (loss), net of tax 404,352 577,703 4,316 986,371 Less - Other comprehensive income attributable to noncontrolling interests (23,904 ) (10,701 ) (2,382 ) (36,987 ) Balance at March 31, 2015 (136,090 ) 1,727,565 (113,930 ) 1,477,545 Other comprehensive income (loss) before reclassifications, net of taxes of ¥10,719 million, ¥130,092 million, ¥93,210 million and ¥234,021 million (423,404 ) (291,681 ) (214,600 ) (929,685 ) Reclassifications, net of taxes of ¥— million, ¥9,832 million, ¥(3,318) million and ¥6,514 million 28,052 (20,511 ) 5,419 12,960 Other comprehensive income (loss), net of tax (395,352 ) (312,192 ) (209,181 ) (916,725 ) Less - Other comprehensive income attributable to noncontrolling interests 32,387 9,572 7,989 49,948 Balance at March 31, 2016 (499,055 ) 1,424,945 (315,122 ) 610,768 Other comprehensive income (loss) before reclassifications, net of taxes of ¥9,240 million, ¥(9,048) million, ¥(40,099) million and ¥(39,907) million (57,926 ) 41,134 82,939 66,147 Reclassifications, net of taxes of ¥— million, ¥23,275 million, ¥(5,255) million and ¥18,020 million — (36,855 ) 10,373 (26,482 ) Other comprehensive income (loss), net of tax (57,926 ) 4,279 93,312 39,665 Less - Other comprehensive income attributable to noncontrolling interests 5,499 (12,281 ) (503 ) (7,285 ) Equity transaction with noncontrolling interests and other (8,626 ) 9,060 (2,660 ) (2,226 ) Balance at March 31, 2017 (560,108 ) 1,426,003 (224,973 ) 640,922 |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | Reclassifications for the years ended March 31, 2015, 2016 and 2017 consist of the following: Yen in millions For the years ended March 31, Affected line items 2015 2016 2017 Foreign currency translation adjustments: — 28,052 — Other income (loss), net — 28,052 — Income before income taxes and equity in earnings of affiliated companies — 28,052 — Net income Unrealized gains (losses) on securities: (7,727 ) (779 ) (24,553 ) Financing operations (14,552 ) (27,275 ) (3,572 ) Foreign exchange gain (loss), net (7,446 ) (6,185 ) (31,685 ) Other income (loss), net (29,725 ) (34,239 ) (59,810 ) Income before income taxes and equity in earnings of affiliated companies 11,013 9,832 23,275 Provision for income taxes (2 ) 3,896 (320 ) Equity in earnings of affiliated companies (18,714 ) (20,511 ) (36,855 ) Net income Pension liability adjustments: Recognized net actuarial loss 10,194 12,971 19,432 *1 Amortization of prior service costs (4,346 ) (4,234 ) (3,804 ) *1 5,848 8,737 15,628 Income before income taxes and equity in earnings of affiliated companies (2,153 ) (3,318 ) (5,255 ) Provision for income taxes 3,695 5,419 10,373 Net income Total reclassifications, net of tax (15,019 ) 12,960 (26,482 ) Amounts of reclassifications in parentheses indicate gains in the consolidated statements of income. *1: These components are included in the computation of net periodic pension cost. See note 20 to the consolidated financial statements for additional information. |
Stock-based compensation (Table
Stock-based compensation (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Toyota's Stock Option Activity | The following table summarizes Toyota’s stock option activity: 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, 2014 7,330,900 4,965 2.52 8,646 Granted — — Exercised (2,603,900 ) 4,834 Canceled (1,223,500 ) 6,200 Options outstanding at March 31, 2015 3,503,500 4,632 2.05 13,143 Granted — — Exercised (936,400 ) 5,049 Canceled (473,600 ) 6,917 Options outstanding at March 31, 2016 2,093,500 3,858 1.56 4,384 Granted — — Exercised (785,600 ) 4,006 Canceled (115,600 ) 4,682 Options outstanding at March 31, 2017 1,192,300 3,682 0.80 2,813 Options exercisable at March 31, 2015 3,503,500 4,632 2.05 13,143 Options exercisable at March 31, 2016 2,093,500 3,858 1.56 4,384 Options exercisable at March 31, 2017 1,192,300 3,682 0.80 2,813 |
Summary of Options Outstanding and Options Exercisable | The following table summarizes information for options outstanding and options exercisable at March 31, 2017: Outstanding Exercisable Exercise Number of shares Weighted- Weighted- Number of shares Weighted- Yen Yen Years Yen 3,153 – 4,154 1,192,300 3,682 0.80 1,192,300 3,682 |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Information Regarding Defined Benefit Plans | Information regarding Toyota’s defined benefit plans is as follows: Yen in millions March 31, Japanese plans Foreign plans 2016 2017 2016 2017 Change in benefit obligation Benefit obligation at beginning of year 1,721,225 1,912,156 976,930 963,255 Service cost 78,611 89,443 47,544 41,733 Interest cost 17,509 8,800 40,340 35,593 Plan participants’ contributions 898 923 404 436 Plan amendments (489 ) (21 ) (573 ) (996 ) Net actuarial (gain) loss 160,983 (45,783 ) (22,332 ) 22,220 Acquisition and other (138 ) 30,622 (63,107 ) (18,778 ) Benefits paid (66,443 ) (65,642 ) (15,951 ) (17,439 ) Benefit obligation at end of year 1,912,156 1,930,498 963,255 1,026,024 Change in plan assets Fair value of plan assets at beginning of year 1,447,802 1,369,236 713,528 692,801 Actual return on plan assets (94,669 ) 81,600 11,042 74,760 Acquisition and other (88 ) 30,266 (45,801 ) (11,960 ) Employer contributions 53,060 39,692 25,612 15,925 Plan participants’ contributions 898 923 404 436 Benefits paid (37,767 ) (37,828 ) (11,984 ) (13,656 ) Fair value of plan assets at end of year 1,369,236 1,483,889 692,801 758,306 Funded status 542,920 446,609 270,454 267,718 |
Amounts Recognized in Consolidated Balance Sheet Associated with Defined Benefit Plans | Amounts recognized in the consolidated balance sheets as of March 31, 2016 and 2017 are comprised of the following: Yen in millions March 31, Japanese plans Foreign plans 2016 2017 2016 2017 Accrued expenses (Accrued pension and severance costs) 29,023 28,265 3,161 2,936 Accrued pension and severance costs 632,340 633,774 272,571 271,296 Investments and other assets - Other (Prepaid pension and severance costs) (118,443 ) (215,430 ) (5,278 ) (6,514 ) Net amount recognized 542,920 446,609 270,454 267,718 |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) as of March 31, 2016 and 2017 are comprised of the following: Yen in millions March 31, Japanese plans Foreign plans 2016 2017 2016 2017 Net actuarial loss (395,686 ) (288,126 ) (137,443 ) (116,700 ) Prior service costs 39,699 36,980 (3,491 ) (2,151 ) Net transition obligation — — — — Net amount recognized (355,987 ) (251,146 ) (140,934 ) (118,851 ) |
Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for which Accumulated Benefit Obligations Exceed Plan Assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for which the accumulated benefit obligations exceed plan assets are as follows: Yen in millions March 31, Japanese plans Foreign plans 2016 2017 2016 2017 Projected benefit obligation 892,078 892,684 311,256 445,482 Accumulated benefit obligation 863,593 866,566 300,026 426,201 Fair value of plan assets 242,096 242,488 66,183 178,357 |
Components of Net Periodic Pension Cost | Components of the net periodic pension cost are as follows: Yen in millions For the years ended March 31, Japanese plans Foreign plans 2015 2016 2017 2015 2016 2017 Service cost 73,256 78,611 89,443 41,147 47,544 41,733 Interest cost 21,746 17,509 8,800 37,993 40,340 35,593 Expected return on plan assets (31,255 ) (35,012 ) (33,524 ) (40,784 ) (44,616 ) (38,893 ) Amortization of prior service costs (4,723 ) (4,669 ) (4,148 ) 377 435 344 Recognized net actuarial loss 7,302 5,850 14,298 2,892 7,121 5,134 Amortization of net transition obligation — — — — — — Net periodic pension cost 66,326 62,289 74,869 41,625 50,824 43,911 |
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: Yen in millions For the years ended March 31, Japanese plans Foreign plans 2015 2016 2017 2015 2016 2017 Net actuarial gain (loss) 130,455 (290,664 ) 93,859 (97,772 ) (11,242 ) 13,647 Recognized net actuarial loss 7,302 5,850 14,298 2,892 7,121 5,134 Prior service costs 381 489 21 (3,217 ) 573 996 Amortization of prior service costs (4,723 ) (4,669 ) (4,148 ) 377 435 344 Amortization of net transition obligation — — — — — — Other 46 76 811 7,564 272 1,962 Total recognized in other comprehensive income (loss) 133,461 (288,918 ) 104,841 (90,156 ) (2,841 ) 22,083 |
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, 2016 and 2017 are as follows: March 31, Japanese plans Foreign plans 2016 2017 2016 2017 Discount rate 0.5 % 0.7 % 4.2 % 4.0 % Rate of compensation increase 2.7 % 2.9 % 3.9 % 3.8 % Weighted-average assumptions used to determine net periodic pension cost for the years ended March 31, 2015, 2016 and 2017 are as follows: For the years ended March 31, Japanese plans Foreign plans 2015 2016 2017 2015 2016 2017 Discount rate 1.4 % 1.1 % 0.5 % 4.8 % 4.0 % 4.2 % Expected return on plan assets 2.5 % 2.5 % 2.4 % 6.7 % 6.3 % 6.1 % Rate of compensation increase 2.1 % 2.5 % 2.7 % 4.5 % 4.4 % 3.9 % |
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, 2016 and 2017. See note 27 to the consolidated financial statements for three levels of input which are used to measure fair value. Japanese plans Yen in millions March 31, 2016 Level 1 Level 2 Level 3 Total Equity securities Common stocks 500,990 — — 500,990 Commingled funds — 168,297 — 168,297 500,990 168,297 — 669,287 Debt securities Government bonds 90,330 — — 90,330 Commingled funds — 249,565 — 249,565 Other — 33,362 146 33,508 90,330 282,927 146 373,403 Insurance contracts — 198,074 — 198,074 Other 39,232 32,320 2,518 74,070 Investments measured at net asset value — — — 54,402 Total 630,552 681,618 2,664 1,369,236 Yen in millions March 31, 2017 Level 1 Level 2 Level 3 Total Equity securities Common stocks 585,052 — — 585,052 Commingled funds — 180,835 — 180,835 585,052 180,835 — 765,887 Debt securities Government bonds 87,958 — — 87,958 Commingled funds — 248,498 — 248,498 Other — 39,754 81 39,835 87,958 288,252 81 376,291 Insurance contracts — 199,779 — 199,779 Other 42,083 34,131 496 76,710 Investments measured at net asset value — — — 65,222 Total 715,093 702,997 577 1,483,889 Foreign plans Yen in millions March 31, 2016 Level 1 Level 2 Level 3 Total Equity securities Common stocks 201,967 — — 201,967 Commingled funds — 111,547 — 111,547 201,967 111,547 — 313,514 Debt securities Government bonds 75,222 — — 75,222 Commingled funds — 25,560 — 25,560 Other — 47,583 — 47,583 75,222 73,143 — 148,365 Insurance contracts — — — — Other 12,566 15,308 30,758 58,632 Investments measured at net asset value — — — 172,290 Total 289,755 199,998 30,758 692,801 Yen in millions March 31, 2017 Level 1 Level 2 Level 3 Total Equity securities Common stocks 207,036 — — 207,036 Commingled funds — 152,104 — 152,104 207,036 152,104 — 359,140 Debt securities Government bonds 76,730 — — 76,730 Commingled funds — 36,430 — 36,430 Other — 33,430 — 33,430 76,730 69,860 — 146,590 Insurance contracts — — — — Other 13,533 13,851 30,903 58,287 Investments measured at net asset value — — — 194,289 Total 297,299 235,815 30,903 758,306 |
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, 2015, 2016 and 2017: Japanese plans Yen in millions For the years ended March 31, 2015 2016 2017 Debt Other Total Debt Other Total Debt Other Total Balance at beginning of year 322 1,000 1,322 233 1,018 1,251 146 2,518 2,664 Actual return on plan assets 2 19 21 1 (3 ) (2 ) — (11 ) (11 ) Purchases, sales and settlements (91 ) (1 ) (92 ) (88 ) 1,503 1,415 (65 ) (2,011 ) (2,076 ) Other — — — — — — — — — Balance at end of year 233 1,018 1,251 146 2,518 2,664 81 496 577 Foreign plans Yen in millions For the years ended March 31, 2015 2016 2017 Other Other Other Balance at beginning of year 14,465 17,511 30,758 Actual return on plan assets 2,510 1,966 279 Purchases, sales and settlements (1,889 ) 12,372 — Other 2,425 (1,091 ) (134 ) Balance at end of year 17,511 30,758 30,903 |
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: Yen in millions Years ending March 31, Japanese plans Foreign plans 2018 70,632 35,383 2019 76,238 19,714 2020 77,000 20,799 2021 77,898 22,019 2022 81,342 23,424 from 2023 to 2027 428,947 139,702 Total 812,057 261,041 |
Derivative financial instrume52
Derivative financial instruments (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Fair Values of Derivative Financial Instruments | The following table summarizes the fair values of derivative financial instruments as of March 31, 2016 and 2017: Yen in millions March 31, 2016 2017 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 4,371 662 Total 4,371 662 Undesignated derivative financial instruments Interest rate and currency swap agreements Prepaid expenses and other current assets 96,996 61,946 Investments and other assets - Other 230,726 168,292 Total 327,722 230,238 Foreign exchange forward and option contracts Prepaid expenses and other current assets 34,290 12,357 Investments and other assets - Other 428 164 Total 34,718 12,521 Total derivative assets 366,811 243,421 Counterparty netting (116,174 ) (84,883 ) Collateral received (65,810 ) (60,021 ) Carrying value of derivative assets 184,827 98,517 Derivative liabilities Derivative financial instruments designated as hedging instruments Interest rate and currency swap agreements Other current liabilities — (64 ) Other long-term liabilities — — Total — (64 ) Undesignated derivative financial instruments Interest rate and currency swap agreements Other current liabilities (42,404 ) (67,091 ) Other long-term liabilities (180,716 ) (158,383 ) Total (223,120 ) (225,474 ) Foreign exchange forward and option contracts Other current liabilities (21,167 ) (19,919 ) Other long-term liabilities — — Total (21,167 ) (19,919 ) Total derivative liabilities (244,287 ) (245,457 ) Counterparty netting 116,174 84,883 Collateral posted 94,953 122,231 Carrying value of derivative liabilities (33,160 ) (38,343 ) |
Notional Amounts of Derivative Financial Instruments | The following table summarizes the notional amounts of derivative financial instruments as of March 31, 2016 and 2017: Yen in millions March 31, 2016 2017 Designated Undesignated Designated Undesignated Interest rate and currency swap agreements 41,016 18,312,359 40,837 19,459,677 Foreign exchange forward and option contracts — 2,742,102 — 2,772,741 Total 41,016 21,054,461 40,837 22,232,418 |
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, 2015, 2016 and 2017: Yen in millions For the years ended March 31, 2015 2016 2017 Gains or Gains or Gains or Derivative financial instruments designated as hedging instruments Interest rate and currency swap agreements Cost of financing operations (15,488 ) 15,595 (133 ) 122 (339 ) 1,212 Undesignated derivative financial instruments Interest rate and currency swap agreements Cost of financing operations (57,015 ) 119,096 (61,884 ) Foreign exchange gain (loss), net 6,459 (379 ) 12,516 Foreign exchange forward and option contracts Cost of financing operations 31,738 (16,363 ) 2,614 Foreign exchange gain (loss), net (4,108 ) 115,256 81,614 |
Other financial instruments (Ta
Other financial instruments (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Estimated Fair Value of Toyota's Financial Instrument, Excluding Marketable Securities, Other Securities Investments, Investments and Other Assets in Affiliated Companies and Derivative Financial Instruments | 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 27 to the consolidated financial statements for three levels of input which are used to measure fair value. Yen in millions March 31, 2016 Estimated fair value Carrying amount Level 1 Level 2 Level 3 Total Assets (Liabilities) Cash and cash equivalents 2,939,428 2,023,744 915,684 — 2,939,428 Time deposits 1,032,034 — 1,032,034 — 1,032,034 Total finance receivables, net 13,525,997 — — 13,597,910 13,597,910 Other receivables 451,406 — — 451,406 451,406 Short-term borrowings (4,698,134 ) — (4,698,134 ) — (4,698,134 ) Long-term debt including the current portion (13,573,517 ) — (11,882,343 ) (1,900,953 ) (13,783,296 ) Yen in millions March 31, 2017 Estimated fair value Carrying amount Level 1 Level 2 Level 3 Total Assets (Liabilities) Cash and cash equivalents 2,995,075 2,103,469 891,606 — 2,995,075 Time deposits 1,082,654 — 1,082,654 — 1,082,654 Total finance receivables, net 14,064,660 — — 14,226,440 14,226,440 Other receivables 436,867 — — 436,867 436,867 Short-term borrowings (4,953,682 ) — (4,953,682 ) — (4,953,682 ) Long-term debt including the current portion (14,179,796 ) — (12,241,617 ) (2,065,884 ) (14,307,501 ) |
Lease commitments (Tables)
Lease commitments (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Analysis of Leased Assets Under Capital Leases | An analysis of leased assets under capital leases is as follows: Yen in millions March 31, 2016 2017 Class of property Building 18,411 18,775 Machinery and equipment 29,087 29,630 Less - Accumulated depreciation (27,738 ) (28,703 ) 19,760 19,702 |
Future Minimum Lease Payments Under Capital Leases Together with Present Value of Net Minimum Lease Payments | Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of March 31, 2017 are as follows: Years ending March 31, Yen in millions 2018 5,544 2019 4,824 2020 2,674 2021 1,978 2022 1,852 Thereafter 11,178 Total minimum lease payments 28,050 Less - Amount representing interest (5,801 ) Present value of net minimum lease payments 22,249 Less - Current obligations (4,643 ) Long-term capital lease obligations 17,606 |
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, 2017 are as follows: Years ending March 31, Yen in millions 2018 16,107 2019 12,154 2020 9,444 2021 7,842 2022 7,239 Thereafter 27,729 Total minimum future rentals 80,515 |
Segment data (Tables)
Segment data (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Segment Operating Results and Assets | Segment operating results and assets - As of and for the year ended March 31, 2015: Yen in millions Automotive Financial Services All Other Inter-segment Amount Consolidated Net revenues Sales to external customers 25,006,224 1,621,685 606,612 — 27,234,521 Inter-segment sales and transfers 55,905 39,464 649,179 (744,548 ) — Total 25,062,129 1,661,149 1,255,791 (744,548 ) 27,234,521 Operating expenses 22,736,819 1,299,316 1,190,141 (742,319 ) 24,483,957 Operating income 2,325,310 361,833 65,650 (2,229 ) 2,750,564 Assets 15,897,022 22,378,941 1,889,433 7,564,434 47,729,830 Investment in equity method investees 2,588,127 8,801 10,000 84,294 2,691,222 Depreciation expenses 819,280 564,619 25,176 — 1,409,075 Capital expenditure 1,262,670 2,086,481 39,503 (31,086 ) 3,357,568 As of and for the year ended March 31, 2016: Yen in millions Automotive Financial Services All Other Inter-segment Amount Consolidated Net revenues Sales to external customers 25,923,813 1,854,007 625,298 — 28,403,118 Inter-segment sales and transfers 53,603 42,217 552,089 (647,909 ) — Total 25,977,416 1,896,224 1,177,387 (647,909 ) 28,403,118 Operating expenses 23,528,418 1,556,998 1,110,880 (647,149 ) 25,549,147 Operating income 2,448,998 339,226 66,507 (760 ) 2,853,971 Assets 15,621,757 21,709,010 1,917,148 8,179,682 47,427,597 Investment in equity method investees 2,532,644 9,168 10,801 78,776 2,631,389 Depreciation expenses 900,434 697,991 27,412 — 1,625,837 Capital expenditure 1,389,289 2,638,111 41,826 (10,010 ) 4,059,216 As of and for the year ended March 31, 2017: Yen in millions Automotive Financial Services All Other Inter-segment Amount Consolidated Net revenues Sales to external customers 25,032,229 1,783,697 781,267 — 27,597,193 Inter-segment sales and transfers 49,618 39,903 539,785 (629,306 ) — Total 25,081,847 1,823,600 1,321,052 (629,306 ) 27,597,193 Operating expenses 23,388,874 1,601,172 1,239,725 (626,950 ) 25,602,821 Operating income 1,692,973 222,428 81,327 (2,356 ) 1,994,372 Assets 16,156,496 22,507,613 2,170,498 7,915,579 48,750,186 Investment in equity method investees 2,745,437 9,792 — 90,193 2,845,422 Depreciation expenses 912,797 671,155 26,998 — 1,610,950 Capital expenditure 1,293,564 2,182,149 53,710 12,014 3,541,437 |
Geographic Information | Geographic information - As of and for the year ended March 31, 2015: Yen in millions Japan North America Europe Asia Other Inter-segment Amount Consolidated Net revenues Sales to external customers 8,338,881 9,430,450 2,690,803 4,531,178 2,243,209 — 27,234,521 Inter-segment sales and transfers 6,064,986 247,146 157,491 450,062 206,029 (7,125,714 ) — Total 14,403,867 9,677,596 2,848,294 4,981,240 2,449,238 (7,125,714 ) 27,234,521 Operating expenses 12,832,391 9,093,077 2,767,176 4,559,458 2,337,729 (7,105,874 ) 24,483,957 Operating income 1,571,476 584,519 81,118 421,782 111,509 (19,840 ) 2,750,564 Assets 14,466,432 16,961,700 2,640,054 4,753,850 2,903,474 6,004,320 47,729,830 Long-lived assets 3,062,463 4,632,536 301,736 874,207 424,777 — 9,295,719 As of and for the year ended March 31, 2016: Yen in millions Japan North America Europe Asia Other Inter-segment Amount Consolidated Net revenues Sales to external customers 8,588,437 10,822,772 2,507,292 4,475,623 2,008,994 — 28,403,118 Inter-segment sales and transfers 6,171,051 229,198 154,039 528,236 201,220 (7,283,744 ) — Total 14,759,488 11,051,970 2,661,331 5,003,859 2,210,214 (7,283,744 ) 28,403,118 Operating expenses 13,081,966 10,523,151 2,588,915 4,554,670 2,101,305 (7,300,860 ) 25,549,147 Operating income 1,677,522 528,819 72,416 449,189 108,909 17,116 2,853,971 Assets 14,291,434 16,622,979 2,612,210 4,415,700 2,579,113 6,906,161 47,427,597 Long-lived assets 3,210,376 4,958,989 309,657 869,989 391,406 — 9,740,417 As of and for the year ended March 31, 2017: Yen in millions Japan North America Europe Asia Other Inter-segment Amount Consolidated Net revenues Sales to external customers 8,798,903 10,033,419 2,517,601 4,279,617 1,967,653 — 27,597,193 Inter-segment sales and transfers 6,031,965 205,672 163,438 540,204 193,421 (7,134,700 ) — Total 14,830,868 10,239,091 2,681,039 4,819,821 2,161,074 (7,134,700 ) 27,597,193 Operating expenses 13,628,623 9,927,897 2,693,283 4,384,642 2,102,380 (7,134,004 ) 25,602,821 Operating income (loss) 1,202,245 311,194 (12,244 ) 435,179 58,694 (696 ) 1,994,372 Assets 14,791,969 17,365,237 2,846,469 4,486,021 2,819,935 6,440,555 48,750,186 Long-lived assets 3,376,157 5,274,928 313,182 828,619 404,223 — 10,197,109 |
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. Yen in millions For the years ended March 31, 2015 2016 2017 North America 9,405,305 10,797,304 10,054,431 Europe 2,555,368 2,323,399 2,341,364 Asia 4,231,077 4,292,800 4,414,236 Other 4,947,169 4,724,784 3,923,621 |
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 - Yen in millions March 31, 2016 2017 Assets Non-Financial Services Businesses Current assets Cash and cash equivalents 2,318,152 2,257,064 Marketable securities 1,210,427 1,439,944 Trade accounts and notes receivable, less allowance for doubtful accounts 2,089,216 2,191,594 Inventories 2,061,113 2,388,394 Prepaid expenses and other current assets 3,341,150 1,988,016 Total current assets 11,020,058 10,265,012 Investments and other assets 10,204,760 11,276,128 Property, plant and equipment 5,426,247 5,700,818 Total Non-Financial Services Businesses assets 26,651,065 27,241,958 Financial Services Business Current assets Cash and cash equivalents 621,276 738,011 Marketable securities 300,962 381,654 Finance receivables, net 5,912,684 6,196,649 Prepaid expenses and other current assets 895,257 831,924 Total current assets 7,730,179 8,148,238 Noncurrent finance receivables, net 8,642,947 9,012,222 Investments and other assets 1,021,714 850,862 Property, plant and equipment 4,314,170 4,496,291 Total Financial Services Business assets 21,709,010 22,507,613 Eliminations (932,478 ) (999,385 ) Total assets 47,427,597 48,750,186 Assets in the non-financial services include unallocated corporate assets. Yen in millions March 31, 2016 2017 Liabilities Non-Financial Services Businesses Current liabilities Short-term borrowings 586,685 669,947 Current portion of long-term debt 117,484 196,227 Accounts payable 2,356,355 2,540,078 Accrued expenses 2,640,128 3,038,218 Income taxes payable 334,490 203,101 Other current liabilities 1,527,024 1,512,662 Total current liabilities 7,562,166 8,160,233 Long-term liabilities Long-term debt 584,793 590,366 Accrued pension and severance costs 891,405 890,684 Other long-term liabilities 1,690,460 1,206,427 Total long-term liabilities 3,166,658 2,687,477 Total Non-Financial Services Businesses liabilities 10,728,824 10,847,710 Financial Services Business Current liabilities Short-term borrowings 4,418,483 4,605,389 Current portion of long-term debt 3,715,195 4,129,005 Accounts payable 40,094 33,283 Accrued expenses 109,246 117,773 Income taxes payable 8,835 20,473 Other current liabilities 814,298 833,813 Total current liabilities 9,106,151 9,739,736 Long-term liabilities Long-term debt 9,343,632 9,491,504 Accrued pension and severance costs 13,506 14,386 Other long-term liabilities 1,081,789 987,289 Total long-term liabilities 10,438,927 10,493,179 Total Financial Services Business liabilities 19,545,078 20,232,915 Eliminations (934,491 ) (999,392 ) Total liabilities 29,339,411 30,081,233 Mezzanine equity 479,779 485,877 Total Toyota Motor Corporation shareholders’ equity 16,746,935 17,514,812 Noncontrolling interests 861,472 668,264 Total shareholders’ equity 17,608,407 18,183,076 Total liabilities,mezzanine equity and shareholders’ equity 47,427,597 48,750,186 |
Statements of Income - Non-financial Services and Financial Services Businesses | Statements of income - Yen in millions For the years ended March 31, 2015 2016 2017 Non-Financial Services Businesses Net revenues 25,643,508 26,581,102 25,845,453 Costs and expenses Cost of revenues 20,933,168 21,474,386 21,557,194 Selling, general and administrative 2,319,262 2,589,082 2,511,647 Total costs and expenses 23,252,430 24,063,468 24,068,841 Operating income 2,391,078 2,517,634 1,776,612 Other income (expense), net 136,797 117,930 200,370 Income before income taxes and equity in earnings of affiliated 2,527,875 2,635,564 1,976,982 Provision for income taxes 763,445 752,248 562,452 Equity in earnings of affiliated companies 306,749 327,167 360,130 Net income 2,071,179 2,210,483 1,774,660 Less - Net income attributable to noncontrolling interests (130,172 ) (117,544 ) (89,337 ) Net income attributable to Toyota Motor Corporation 1,941,007 2,092,939 1,685,323 Financial Services Business Net revenues 1,661,149 1,896,224 1,823,600 Costs and expenses Cost of revenues 955,380 1,181,437 1,221,268 Selling, general and administrative 343,936 375,561 379,904 Total costs and expenses 1,299,316 1,556,998 1,601,172 Operating income 361,833 339,226 222,428 Other income (expense), net 3,190 8,579 (5,618 ) Income before income taxes and equity in earnings of affiliated 365,023 347,805 216,810 Provision for income taxes 130,049 126,319 66,583 Equity in earnings of affiliated companies 1,796 1,932 1,930 Net income 236,770 223,418 152,157 Less - Net income attributable to noncontrolling interests (4,417 ) (3,963 ) (6,518 ) Net income attributable to Toyota Motor Corporation 232,353 219,455 145,639 Eliminations (22 ) 300 147 Net income attributable to Toyota Motor Corporation 2,173,338 2,312,694 1,831,109 |
Statement of Cash Flows - Non-financial Services and Financial Services Businesses | Statements of cash flows - Yen in millions Yen in millions For the year ended March 31, 2015 For the year ended March 31, 2016 Non-Financial Financial Services Business Consolidated Non-Financial Financial Services Business Consolidated Cash flows from operating activities Net income 2,071,179 236,770 2,307,904 2,210,483 223,418 2,434,211 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 844,456 564,619 1,409,075 927,846 697,991 1,625,837 Provision for doubtful accounts and credit losses (1,598 ) 80,567 78,969 69,029 90,236 159,265 Pension and severance costs, less payments (5,263 ) 2,102 (3,161 ) 8,300 533 8,833 Losses on disposal of fixed assets 31,601 24 31,625 33,293 36 33,329 Unrealized losses on available-for-sale securities, net 2,565 13 2,578 3,217 6,055 9,272 Deferred income taxes (114,122 ) 87,260 (26,887 ) (43,237 ) 76,423 32,889 Equity in earnings of affiliated companies (306,749 ) (1,796 ) (308,545 ) (327,167 ) (1,932 ) (329,099 ) Changes in operating assets and liabilities, and other 356,269 (191,791 ) 194,195 386,529 148,376 486,320 Net cash provided by operating activities 2,878,338 777,768 3,685,753 3,268,293 1,241,136 4,460,857 Cash flows from investing activities Additions to finance receivables — (22,325,159 ) (13,126,596 ) — (23,399,113 ) (13,549,278 ) Collection of and proceeds from sales of finance receivables — 21,668,847 12,450,388 — 22,918,132 13,115,854 Additions to fixed assets excluding equipment leased to others (1,133,102 ) (13,216 ) (1,146,318 ) (1,265,174 ) (17,371 ) (1,282,545 ) Additions to equipment leased to others (137,985 ) (2,073,265 ) (2,211,250 ) (155,931 ) (2,620,740 ) (2,776,671 ) Proceeds from sales of fixed assets excluding equipment leased to others 40,032 1,515 41,547 41,154 993 42,147 Proceeds from sales of equipment leased to others 40,878 762,545 803,423 60,989 1,050,738 1,111,727 Purchases of marketable securities and security investments (2,530,591 ) (663,703 ) (3,194,294 ) (1,302,965 ) (894,512 ) (2,197,477 ) Proceeds from sales of and maturity of marketable securities and security investments 2,198,799 484,202 2,683,001 2,471,876 943,939 3,415,815 Payment for additional investments in affiliated companies, net of cash acquired — — — 628 — 628 Changes in investments and other assets, and other (114,094 ) (9,669 ) (113,391 ) (1,371,996 ) 296,788 (1,062,744 ) Net cash used in investing activities (1,636,063 ) (2,167,903 ) (3,813,490 ) (1,521,419 ) (1,721,146 ) (3,182,544 ) Cash flows from financing activities Proceeds from issuance of long-term debt 119,449 4,960,157 5,029,018 110,691 4,815,323 4,845,872 Payments of long-term debt (100,627 ) (3,373,842 ) (3,462,237 ) (71,758 ) (4,127,178 ) (4,176,202 ) Increase (decrease) in short-term borrowings (47,026 ) (259,931 ) (288,724 ) 75,990 (132,852 ) (10,903 ) Proceeds from issuance of class shares — — — 474,917 — 474,917 Dividends paid to Toyota Motor Corporation class shareholders — — — (1,225 ) — (1,225 ) Dividends paid to Toyota Motor Corporation common shareholders (554,933 ) — (554,933 ) (704,728 ) — (704,728 ) Dividends paid to noncontrolling interests (69,295 ) — (69,295 ) (73,129 ) — (73,129 ) Reissuance (repurchase) of treasury stock (347,784 ) — (347,784 ) (778,173 ) — (778,173 ) Net cash provided by (used in) financing activities (1,000,216 ) 1,326,384 306,045 (967,415 ) 555,293 (423,571 ) Effect of exchange rate changes on cash and cash equivalents 27,075 38,004 65,079 (142,301 ) (57,570 ) (199,871 ) Net increase (decrease) in cash and cash equivalents 269,134 (25,747 ) 243,387 637,158 17,713 654,871 Cash and cash equivalents at beginning of year 1,411,860 629,310 2,041,170 1,680,994 603,563 2,284,557 Cash and cash equivalents at end of year 1,680,994 603,563 2,284,557 2,318,152 621,276 2,939,428 Yen in millions For the year ended March 31, 2017 Non-Financial Financial Services Business Consolidated Cash flows from operating activities Net income 1,774,660 152,157 1,926,985 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 939,795 671,155 1,610,950 Provision for doubtful accounts and credit losses 6,519 92,147 98,666 Pension and severance costs, less payments 21,796 1,457 23,253 Losses on disposal of fixed assets 30,461 212 30,673 Unrealized losses on available-for-sale securities, net 4,422 2,651 7,073 Deferred income taxes (59,668 ) 6,504 (53,299 ) Equity in earnings of affiliated companies (360,130 ) (1,930 ) (362,060 ) Changes in operating assets and liabilities, and other 206,455 103,840 131,996 Net cash provided by operating activities 2,564,310 1,028,193 3,414,237 Cash flows from investing activities Additions to finance receivables — (22,894,114 ) (13,636,694 ) Collection of and proceeds from sales of finance receivables — 22,006,010 12,927,981 Additions to fixed assets excluding equipment leased to others (1,206,738 ) (17,140 ) (1,223,878 ) Additions to equipment leased to others (152,550 ) (2,165,009 ) (2,317,559 ) Proceeds from sales of fixed assets excluding equipment leased to others 40,189 1,049 41,238 Proceeds from sales of equipment leased to others 72,659 1,165,619 1,238,278 Purchases of marketable securities and security investments (2,104,202 ) (412,806 ) (2,517,008 ) Proceeds from sales of and maturity of marketable securities and security investments 1,435,267 466,274 1,901,541 Payment for additional investments in affiliated companies, net of cash acquired 44,274 — 44,274 Changes in investments and other assets, and other 582,649 (60,345 ) 571,888 Net cash used in investing activities (1,288,452 ) (1,910,462 ) (2,969,939 ) Cash flows from financing activities Proceeds from issuance of long-term debt 111,727 4,541,541 4,603,446 Payments of long-term debt (82,840 ) (3,773,644 ) (3,845,554 ) Increase in short-term borrowings 51,523 233,331 273,037 Proceeds from issuance of class shares — — — Dividends paid to Toyota Motor Corporation class shareholders (3,697 ) — (3,697 ) Dividends paid to Toyota Motor Corporation common shareholders (634,475 ) — (634,475 ) Dividends paid to noncontrolling interests (63,936 ) — (63,936 ) Reissuance (repurchase) of treasury stock, and other (703,986 ) — (703,986 ) Net cash provided by (used in) financing activities (1,325,684 ) 1,001,228 (375,165 ) Effect of exchange rate changes on cash and cash equivalents (11,262 ) (2,224 ) (13,486 ) Net increase (decrease) in cash and cash equivalents (61,088 ) 116,735 55,647 Cash and cash equivalents at beginning of year 2,318,152 621,276 2,939,428 Cash and cash equivalents at end of year 2,257,064 738,011 2,995,075 |
Per share amounts (Tables)
Per share amounts (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Reconciliations of Differences Between Basic and Diluted Net Income Attributable to Toyota Motor Corporation Per Common Share | Reconciliations of the differences between basic and diluted net income attributable to Toyota Motor Corporation per common share for the years ended March 31, 2015, 2016 and 2017 are as follows: Yen in millions Thousands of shares Yen Net income attributable to Weighted- average common Net income For the year ended March 31, 2015 Basic net income attributable to Toyota Motor Corporation per common share 2,173,338 3,158,851 688.02 Effect of dilutive securities Assumed exercise of dilutive stock options (42 ) 1,578 Diluted net income attributable to Toyota Motor Corporation per common share 2,173,296 3,160,429 687.66 For the year ended March 31, 2016 Net income attributable to Toyota Motor Corporation 2,312,694 Accretion to Mezzanine equity (3,638 ) Dividends to Toyota Motor Corporation Model AA Class Shareholders (2,449 ) Basic net income attributable to Toyota Motor Corporation per common share 2,306,607 3,111,306 741.36 Effect of dilutive securities Model AA Class Shares 6,087 32,429 Assumed exercise of dilutive stock options (21 ) 1,212 Diluted net income attributable to Toyota Motor Corporation per common share 2,312,673 3,144,947 735.36 For the year ended March 31, 2017 Net income attributable to Toyota Motor Corporation 1,831,109 Accretion to Mezzanine equity (4,849 ) Dividends to Toyota Motor Corporation Model AA Class Shareholders (4,946 ) Basic net income attributable to Toyota Motor Corporation per common share 1,821,314 3,008,088 605.47 Effect of dilutive securities Model AA Class Shares 9,795 47,100 Assumed exercise of dilutive stock options (6 ) 638 Diluted net income attributable to Toyota Motor Corporation per common share 1,831,103 3,055,826 599.22 |
Toyota Motor Corporation Shareholders' Equity Per Share | The following table shows Toyota Motor Corporation shareholders’ equity per share as of March 31, 2016 and 2017. Toyota Motor Corporation shareholders’ equity per share amounts are calculated by dividing Toyota Motor Corporation shareholders’ equities’ amount at the end of each period by the number of shares issued and outstanding, excluding treasury stock at the end of the corresponding period. 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 As of March 31, 2016 16,746,935 3,037,676 5,513.08 As of March 31, 2017 17,514,812 2,974,723 5,887.88 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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, 2016 and 2017. Transfers between levels of the fair value are recognized at the end of their respective reporting periods: Yen in millions March 31, 2016 Level 1 Level 2 Level 3 Total Assets Cash equivalents 100,841 915,684 — 1,016,525 Time deposits — 600,000 — 600,000 Marketable securities and other securities investments Public and corporate bonds 4,911,769 1,029,478 10,334 5,951,581 Common stocks 2,558,931 — — 2,558,931 Other 83,082 68,185 — 151,267 Investments measured at net asset value — — — 197,215 Derivative financial instruments — 362,388 4,423 366,811 Total 7,654,623 2,975,735 14,757 10,842,330 Liabilities Derivative financial instruments — (242,713 ) (1,574 ) (244,287 ) Total — (242,713 ) (1,574 ) (244,287 ) Yen in millions March 31, 2017 Level 1 Level 2 Level 3 Total Assets Cash equivalents 41,876 891,606 — 933,482 Time deposits — 600,000 — 600,000 Marketable securities and other securities investments Public and corporate bonds 4,797,499 1,079,385 8,947 5,885,831 Common stocks 2,686,934 — — 2,686,934 Other 18,191 73,246 — 91,437 Investments measured at net asset value — — — 735,131 Derivative financial instruments — 243,334 87 243,421 Total 7,544,500 2,887,571 9,034 11,176,236 Liabilities Derivative financial instruments — (237,848 ) (7,609 ) (245,457 ) Total — (237,848 ) (7,609 ) (245,457 ) |
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, 2015, 2016 and 2017: Yen in millions For the year ended March 31, 2015 Marketable securities and Derivative instruments Total Balance at beginning of year 9,092 7,544 16,636 Total gains (losses) Included in income (loss) (33 ) (5,953 ) (5,986 ) Included in other comprehensive income (loss) 227 — 227 Purchases and issuances 4,055 — 4,055 Settlements (2,914 ) (1,169 ) (4,083 ) Other 1,890 588 2,478 Balance at end of year 12,317 1,010 13,327 Yen in millions For the year ended March 31, 2016 Marketable securities and Derivative instruments Total Balance at beginning of year 12,317 1,010 13,327 Total gains (losses) Included in income (loss) 1 2,507 2,508 Included in other comprehensive income (loss) (286 ) — (286 ) Purchases and issuances 931 — 931 Settlements (1,451 ) (479 ) (1,930 ) Other (1,178 ) (189 ) (1,367 ) Balance at end of year 10,334 2,849 13,183 Yen in millions For the year ended March 31, 2017 Marketable securities and Derivative instruments Total Balance at beginning of year 10,334 2,849 13,183 Total gains (losses) Included in income (loss) (16 ) (7,310 ) (7,326 ) Included in other comprehensive income (loss) 60 — 60 Purchases and issuances 1,126 — 1,126 Settlements (2,282 ) (2,693 ) (4,975 ) Other (275 ) (368 ) (643 ) Balance at end of year 8,947 (7,522 ) 1,425 |
Summary of significant accoun58
Summary of significant accounting policies - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Significant Accounting Policies [Line Items] | |||
Investments in non-public companies stated at cost | Investments in non-public companies in which Toyota does not exercise significant influence (generally less than a 20% ownership interest) are stated at cost. | ||
Advertising costs | ¥ 448,780 | ¥ 489,036 | ¥ 435,150 |
Research and development costs | 1,037,528 | 1,055,672 | ¥ 1,004,547 |
Inventories, LIFO basis | 433,802 | 382,660 | |
Inventory increase had LIFO been replaced by FIFO basis | ¥ 40,650 | 13,297 | |
Intangible assets with a definite life, estimated useful lives | 5 years | ||
Accounting Standards Update 2015-03 [Member] | Other Assets [Member] | |||
Significant Accounting Policies [Line Items] | |||
Debt issuance costs | ¥ 23,695 | ||
Building | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives | 65 years | ||
Building | 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 | ||
Machinery and equipment | 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 | ||
Assets Leased to Others | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives | 2 years | ||
Retail Receivables Portfolio Segment | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Contract period | 7 years | ||
Retail 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 | ||
Finance Lease Receivables Portfolio Segment | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Contract period | 2 years |
Summary of significant accoun59
Summary of significant accounting policies (Finance Receivables on Nonaccrual Status) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables on nonaccrual status | ¥ 37,572 | ¥ 42,534 |
Retail Receivables Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables on nonaccrual status | 7,064 | 8,107 |
Finance Lease Receivables Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables on nonaccrual status | 2,297 | 682 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables on nonaccrual status | 15,018 | 16,122 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables on nonaccrual status | 12,632 | 16,801 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables on nonaccrual status | ¥ 561 | ¥ 822 |
Summary of significant accoun60
Summary of significant accounting policies (Finance Receivables 90 Days or More Past Due and Accruing) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivables past due over 90 days and still accruing | ¥ 30,142 | ¥ 27,403 |
Retail Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivables past due over 90 days and still accruing | 26,616 | 23,419 |
Finance Lease Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivables past due over 90 days and still accruing | ¥ 3,526 | ¥ 3,984 |
Supplemental cash flow inform61
Supplemental cash flow information - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Cash Flow, Supplemental [Line Items] | |||
Cash payments for income taxes | ¥ 854,600 | ¥ 884,589 | ¥ 1,145,808 |
Interest payments | 362,602 | 381,280 | 369,770 |
Capital lease obligations incurred | ¥ 5,975 | ¥ 6,546 | ¥ 3,709 |
Acquisitions and dispositions -
Acquisitions and dispositions - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Business Acquisition [Line Items] | |||
Sales of products | ¥ 25,813,496 | ¥ 26,549,111 | ¥ 25,612,836 |
Misawa Homes Company Limited | |||
Business Acquisition [Line Items] | |||
Number of shares acquired | 11,181,798 | ||
Ownership interest percentage | 51.00% | ||
Sales of products | ¥ 130,046 |
Marketable securities and oth63
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, 2017 | Mar. 31, 2016 |
Gain (Loss) on Investments [Line Items] | ||
Cost | ¥ 7,277,080 | ¥ 6,686,062 |
Gross unrealized gains | 2,174,274 | 2,188,947 |
Gross unrealized losses | 52,021 | 16,015 |
Fair value | 9,399,333 | 8,858,994 |
Public and Corporate Bonds | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 5,789,221 | 5,706,026 |
Gross unrealized gains | 145,640 | 261,226 |
Gross unrealized losses | 49,030 | 15,671 |
Fair value | 5,885,831 | 5,951,581 |
Common stocks | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 668,345 | 661,796 |
Gross unrealized gains | 2,018,910 | 1,897,439 |
Gross unrealized losses | 321 | 304 |
Fair value | 2,686,934 | 2,558,931 |
Other | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 819,514 | 318,240 |
Gross unrealized gains | 9,724 | 30,282 |
Gross unrealized losses | 2,670 | 40 |
Fair value | 826,568 | 348,482 |
Securities not practicable to determine fair value | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 102,193 | 92,194 |
Securities not practicable to determine fair value | Public and Corporate Bonds | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 25,257 | 20,253 |
Securities not practicable to determine fair value | Common stocks | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | ¥ 76,936 | ¥ 71,941 |
Marketable securities and oth64
Marketable securities and other securities investments - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net Investment Income [Line Items] | |||
Proceeds from sales of available-for-sale securities | ¥ 251,940 | ¥ 108,708 | ¥ 113,348 |
Gross realized gains on sales of available-for-sale securities | 61,038 | 9,500 | 17,912 |
Gross realized losses on sales of available-for-sale securities | 108 | 365 | 161 |
Impairment losses recognized on available-for-sale securities | ¥ 7,073 | ¥ 9,272 | ¥ 2,578 |
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 | |
Japanese bonds | Available-for-sale Securities | Public and Corporate Bonds | |||
Net Investment Income [Line Items] | |||
Percentage of Assets | 28.00% | 37.00% | |
U.S., European and other bonds | Available-for-sale Securities | Public and Corporate Bonds | |||
Net Investment Income [Line Items] | |||
Percentage of Assets | 72.00% | 63.00% | |
Japan | Available-for-sale Securities | Common stocks | |||
Net Investment Income [Line Items] | |||
Percentage of Assets | 92.00% | 90.00% |
Finance receivables (Schedule o
Finance receivables (Schedule of Finance Receivables) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables | ¥ 16,000,376 | ¥ 15,295,281 | ||
Deferred origination costs | 172,298 | 169,467 | ||
Unearned income | (804,591) | (754,836) | ||
Allowance for credit losses | (159,212) | (154,281) | ||
Total finance receivables, net | 15,208,871 | 14,555,631 | ||
Less - Current portion | (6,196,649) | (5,912,684) | ||
Noncurrent finance receivables, net | 9,012,222 | 8,642,947 | ||
Total finance receivables, net | 15,208,871 | 14,555,631 | ||
Retail Receivables Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables | 11,453,352 | 11,156,798 | ||
Allowance for credit losses | (104,354) | (98,853) | ¥ (109,316) | ¥ (89,439) |
Finance Lease Receivables Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables | 1,265,882 | 1,144,312 | ||
Allowance for credit losses | (23,962) | (24,600) | (29,303) | (30,585) |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables | 3,281,142 | 2,994,171 | ||
Allowance for credit losses | ¥ (30,896) | ¥ (30,828) | ¥ (30,053) | ¥ (26,358) |
Finance receivables - Additiona
Finance receivables - Additional Information (Detail) - Geographic Concentration Ratio - Finance receivables | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk Percentage | 59.10% | 59.10% |
Europe | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk Percentage | 10.30% | 10.30% |
Japan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk Percentage | 8.10% | 8.30% |
Asia | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk Percentage | 11.30% | 11.90% |
Other Countries | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk Percentage | 11.20% | 10.40% |
Finance receivables (Summary of
Finance receivables (Summary of Contractual Maturities) (Detail) ¥ in Millions | Mar. 31, 2017JPY (¥) |
Retail Receivables Portfolio Segment | |
Contractual Maturities [Line Items] | |
2,018 | ¥ 3,743,543 |
2,019 | 2,794,572 |
2,020 | 2,191,969 |
2,021 | 1,471,456 |
2,022 | 791,695 |
Thereafter | 460,117 |
Financing Receivables, Gross , Total | 11,453,352 |
Finance Lease Receivables Portfolio Segment | |
Contractual Maturities [Line Items] | |
2,018 | 323,426 |
2,019 | 250,978 |
2,020 | 190,217 |
2,021 | 87,492 |
2,022 | 31,798 |
Thereafter | 5,611 |
Financing Receivables, Gross , Total | 889,522 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | |
Contractual Maturities [Line Items] | |
2,018 | 2,437,941 |
2,019 | 275,706 |
2,020 | 151,757 |
2,021 | 111,925 |
2,022 | 139,923 |
Thereafter | 163,890 |
Financing Receivables, Gross , Total | ¥ 3,281,142 |
Finance receivables (Summary 68
Finance receivables (Summary of Finance Leases) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Schedule of Finance Lease Obligations [Line Items] | ||
Minimum lease payments | ¥ 889,522 | ¥ 810,088 |
Estimated unguaranteed residual values | 376,360 | 334,224 |
Capital Leases, Net Investment in Direct Financing Leases, Gross, Total | 1,265,882 | 1,144,312 |
Deferred origination costs | 5,809 | 5,135 |
Less - Unearned income | (103,518) | (95,213) |
Less - Allowance for credit losses | (23,962) | (24,600) |
Finance leases, net | ¥ 1,144,211 | ¥ 1,029,634 |
Finance receivables (Amount of
Finance receivables (Amount of Finance Receivables Segregated into Aging Categories Based on Number of Days Outstanding) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | ¥ 16,000,376 | ¥ 15,295,281 |
Retail Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 11,264,660 | 10,966,689 |
Total | 11,453,352 | 11,156,798 |
Retail Receivables Portfolio Segment | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 125,626 | 128,603 |
Retail Receivables Portfolio Segment | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 29,321 | 29,995 |
Retail Receivables Portfolio Segment | 90 days or greater past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 33,745 | 31,511 |
Finance Lease Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,255,626 | 1,135,474 |
Total | 1,265,882 | 1,144,312 |
Finance Lease Receivables Portfolio Segment | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 5,114 | 2,896 |
Finance Lease Receivables Portfolio Segment | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,321 | 1,465 |
Finance Lease Receivables Portfolio Segment | 90 days or greater past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 3,821 | 4,477 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 3,281,142 | 2,994,171 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,707,432 | 1,482,697 |
Total | 1,708,759 | 1,482,701 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,327 | 1 |
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 | 3 | |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 848,757 | 817,896 |
Total | 849,023 | 818,376 |
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 | 266 | 480 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 722,697 | 692,784 |
Total | 723,360 | 693,094 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 405 | |
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 | ¥ 258 | ¥ 310 |
Finance receivables (Credit Qua
Finance receivables (Credit Quality of Finance Receivable within Wholesale and Other Dealer Loan Receivables Portfolio Segment) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | ¥ 16,000,376 | ¥ 15,295,281 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 3,281,142 | 2,994,171 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 2,008,168 | 1,791,490 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | United States | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 1,759,725 | 1,533,285 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | United States | Credit Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 227,111 | 229,062 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | United States | At Risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 6,918 | 26,931 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | United States | Default | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 14,414 | 2,212 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Other Regions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 1,272,974 | 1,202,681 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Other Regions | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 1,248,514 | 1,196,082 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Other Regions | Default | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 24,460 | 6,599 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 1,708,759 | 1,482,701 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 1,228,577 | 1,043,648 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | United States | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 1,076,164 | 912,643 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | United States | Credit Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 142,336 | 117,346 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | United States | At Risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 1,286 | 12,683 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | United States | Default | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 8,791 | 976 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | Other Regions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 480,182 | 439,053 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | Other Regions | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 460,308 | 436,839 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | Other Regions | Default | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 19,874 | 2,214 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 849,023 | 818,376 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 528,760 | 530,032 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | United States | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 449,884 | 430,673 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | United States | Credit Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 68,726 | 85,963 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | United States | At Risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 5,071 | 12,311 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | United States | Default | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 5,079 | 1,085 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | Other Regions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 320,263 | 288,344 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | Other Regions | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 316,008 | 284,512 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | Other Regions | Default | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 4,255 | 3,832 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 723,360 | 693,094 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 250,831 | 217,810 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | United States | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 233,677 | 189,969 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | United States | Credit Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 16,049 | 25,753 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | United States | At Risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 561 | 1,937 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | United States | Default | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 544 | 151 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | Other Regions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 472,529 | 475,284 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | Other Regions | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | 472,198 | 474,731 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | Other Regions | Default | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivable | ¥ 331 | ¥ 553 |
Finance receivables (Impaired F
Finance receivables (Impaired Finance Receivables) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | ¥ 79,594 | ¥ 92,597 |
Unpaid principal balance | 78,910 | 91,882 |
Average recorded investment | 79,700 | 89,706 |
Interest Income Recognized | 3,475 | 3,599 |
Retail Receivables Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 27,269 | 27,854 |
Unpaid principal balance | 26,597 | 27,149 |
Average recorded investment | 26,628 | 31,368 |
Interest Income Recognized | 1,741 | 2,155 |
Finance Lease Receivables Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 66 | 85 |
Unpaid principal balance | 54 | 75 |
Average recorded investment | 76 | 96 |
Interest Income Recognized | 0 | 2 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 25,700 | 34,430 |
Unpaid principal balance | 25,700 | 34,430 |
Average recorded investment | 26,306 | 29,315 |
Interest Income Recognized | 650 | 481 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 22,766 | 24,989 |
Unpaid principal balance | 22,766 | 24,989 |
Average recorded investment | 22,482 | 23,441 |
Interest Income Recognized | 867 | 721 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 3,793 | 5,239 |
Unpaid principal balance | 3,793 | 5,239 |
Average recorded investment | 4,208 | 5,486 |
Interest Income Recognized | 217 | 240 |
Impaired account balances individually evaluated for impairment with an allowance | Wholesale and Other Dealer Loan Receivables Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 25,446 | 32,116 |
Unpaid principal balance | 25,446 | 32,116 |
Individually evaluated allowance | 4,260 | 7,153 |
Impaired account balances individually evaluated for impairment with an allowance | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 10,667 | 13,374 |
Unpaid principal balance | 10,667 | 13,374 |
Individually evaluated allowance | 1,373 | 1,303 |
Impaired account balances individually evaluated for impairment with an allowance | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 10,986 | 13,891 |
Unpaid principal balance | 10,986 | 13,891 |
Individually evaluated allowance | 1,596 | 1,934 |
Impaired account balances individually evaluated for impairment with an allowance | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 3,793 | 4,851 |
Unpaid principal balance | 3,793 | 4,851 |
Individually evaluated allowance | 1,291 | 3,916 |
Impaired account balances individually evaluated for impairment without an allowance | Wholesale and Other Dealer Loan Receivables Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 26,813 | 32,542 |
Unpaid principal balance | 26,813 | 32,542 |
Impaired account balances individually evaluated for impairment without an allowance | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Wholesale | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 15,033 | 21,056 |
Unpaid principal balance | 15,033 | 21,056 |
Impaired account balances individually evaluated for impairment without an allowance | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 11,780 | 11,098 |
Unpaid principal balance | 11,780 | 11,098 |
Impaired account balances individually evaluated for impairment without an allowance | Wholesale and Other Dealer Loan Receivables Portfolio Segment | Working capital | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 388 | |
Unpaid principal balance | 388 | |
Impaired Account Balances Aggregated and Evaluated for Impairment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 27,335 | 27,939 |
Unpaid principal balance | 26,651 | 27,224 |
Impaired Account Balances Aggregated and Evaluated for Impairment | Retail Receivables Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 27,269 | 27,854 |
Unpaid principal balance | 26,597 | 27,149 |
Impaired Account Balances Aggregated and Evaluated for Impairment | Finance Lease Receivables Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment | 66 | 85 |
Unpaid principal balance | ¥ 54 | ¥ 75 |
Inventories (Components of Inve
Inventories (Components of Inventories) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Inventory [Line Items] | ||
Finished goods | ¥ 1,552,823 | ¥ 1,323,477 |
Raw materials | 413,049 | 367,079 |
Work in process | 309,387 | 265,570 |
Supplies and other | 113,358 | 105,385 |
Total | ¥ 2,388,617 | ¥ 2,061,511 |
Vehicles and equipment on ope73
Vehicles and equipment on operating leases (Summary of Vehicles and Equipment on Operating Lease) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Less - Deferred income and other | ¥ (152,044) | ¥ (138,677) |
Vehicles and equipment on operating leases, gross | 5,966,579 | 5,652,622 |
Less - Accumulated depreciation | (1,263,774) | (1,133,785) |
Less - Allowance for credit losses | (18,889) | (13,049) |
Vehicles and equipment on operating leases, net | 4,683,916 | 4,505,788 |
Vehicles | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Vehicles and equipment on operating leases, gross | 6,105,527 | 5,778,463 |
Equipment | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Vehicles and equipment on operating leases, gross | ¥ 13,096 | ¥ 12,836 |
Vehicles and equipment on ope74
Vehicles and equipment on operating leases - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Leases Disclosure [Line Items] | |||
Rental income from vehicles and equipment on operating leases | ¥ 850,210 | ¥ 891,733 | ¥ 726,515 |
Vehicles and equipment on ope75
Vehicles and equipment on operating leases (Future Minimum Rentals from Vehicles and Equipment on Operating Leases) (Detail) ¥ in Millions | Mar. 31, 2017JPY (¥) |
Future Minimum Payments Receivable [Line Items] | |
2,018 | ¥ 792,555 |
2,019 | 528,657 |
2,020 | 216,929 |
2,021 | 44,847 |
2,022 | 12,193 |
Thereafter | 2,049 |
Total minimum future rentals | ¥ 1,597,230 |
Allowance for doubtful accoun76
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, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for doubtful accounts at beginning of year | ¥ 94,853 | ¥ 50,410 | ¥ 47,518 |
Provision for doubtful accounts, net of reversal | 6,519 | 69,029 | (1,598) |
Write-offs | (3,839) | (20,649) | (289) |
Other | 3,179 | (3,937) | 4,779 |
Allowance for doubtful accounts at end of year | ¥ 100,712 | ¥ 94,853 | ¥ 50,410 |
Allowance for doubtful accoun77
Allowance for doubtful accounts and credit losses - Additional Information (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Trade accounts and notes receivable, allowance for doubtful accounts, non-current | ¥ 50,602 | ¥ 10,884 |
Allowance for doubtful accoun78
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, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses at beginning of year | ¥ 167,330 | ¥ 178,038 | ¥ 153,602 |
Provision for credit losses, net of reversal | 92,147 | 90,236 | 80,567 |
Charge-offs | (99,550) | (102,948) | (84,310) |
Recoveries | 21,757 | 22,356 | 18,173 |
Other | (3,583) | (20,352) | 10,006 |
Allowance for credit losses at end of year | ¥ 178,101 | ¥ 167,330 | ¥ 178,038 |
Allowance for doubtful accoun79
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 | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses at beginning of year | ¥ 154,281 | ||
Allowance for credit losses at end of year | 159,212 | ¥ 154,281 | |
Retail Receivables Portfolio Segment | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses at beginning of year | 98,853 | 109,316 | ¥ 89,439 |
Provision for credit losses, net of reversal | 67,433 | 65,677 | 70,129 |
Charge-offs | (78,114) | (83,116) | (71,403) |
Recoveries | 18,282 | 18,999 | 15,008 |
Other | (2,100) | (12,023) | 6,143 |
Allowance for credit losses at end of year | 104,354 | 98,853 | 109,316 |
Finance Lease Receivables Portfolio Segment | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses at beginning of year | 24,600 | 29,303 | 30,585 |
Provision for credit losses, net of reversal | 1,657 | 1,742 | (858) |
Charge-offs | (2,007) | (3,833) | (2,568) |
Recoveries | 194 | 380 | 497 |
Other | (482) | (2,992) | 1,647 |
Allowance for credit losses at end of year | 23,962 | 24,600 | 29,303 |
Wholesale and Other Dealer Loan Receivables Portfolio Segment | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses at beginning of year | 30,828 | 30,053 | 26,358 |
Provision for credit losses, net of reversal | 854 | 4,962 | 2,531 |
Charge-offs | (324) | (667) | (603) |
Recoveries | 160 | 230 | 78 |
Other | (622) | (3,750) | 1,689 |
Allowance for credit losses at end of year | ¥ 30,896 | ¥ 30,828 | ¥ 30,053 |
Affiliated companies and vari80
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, 2017JPY (¥)Entity | Mar. 31, 2016JPY (¥)Entity | Mar. 31, 2015JPY (¥) | |
Schedule of Equity Method Investments [Line Items] | |||
Current assets | ¥ 11,795,296 | ¥ 11,299,674 | |
Noncurrent assets | 11,003,432 | 10,961,889 | |
Total assets | 22,798,728 | 22,261,563 | |
Current liabilities | 7,419,176 | 7,414,894 | |
Long-term liabilities and noncontrolling interests | 5,423,938 | 5,509,745 | |
Affiliated companies accounted for by the equity method shareholders' equity | 9,955,614 | 9,336,924 | |
Total liabilities and shareholders' equity | 22,798,728 | 22,261,563 | |
Toyota's share of affiliated companies accounted for by the equity method shareholders' equity | ¥ 2,845,422 | ¥ 2,631,389 | ¥ 2,691,222 |
Number of affiliated companies accounted for by the equity method at end of period | Entity | 54 | 54 | |
Net revenues | ¥ 30,309,263 | ¥ 31,037,029 | 30,163,457 |
Gross profit | 3,644,267 | 3,852,899 | 3,614,946 |
Net income attributable to affiliated companies accounted for by the equity method | 1,099,080 | 957,742 | 966,133 |
Equity in earnings of affiliated companies attributable to Toyota Motor Corporation | ¥ 362,060 | ¥ 329,099 | ¥ 308,545 |
Affiliated companies and vari81
Affiliated companies and variable interest entities (Entities Comprising Significant Portion of Toyota's Investment in Affiliated Companies and Percentage of Ownership) (Detail) | Mar. 31, 2017 | Mar. 31, 2016 |
Denso Corporation | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership | 24.90% | 24.90% |
Toyota Industries Corporation | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership | 24.90% | 24.60% |
Aisin Seiki Co Ltd | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership | 24.10% | 23.30% |
Toyota Tsusho Corporation | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership | 22.00% | 22.00% |
Toyoda Gosei Co Ltd | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership | 43.00% | 43.00% |
Affiliated companies and vari82
Affiliated companies and variable interest entities - Additional Information (Detail) - JPY (¥) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Certain affiliated companies accounted for by the equity method | ¥ 2,126,128,000,000 | ¥ 1,950,661,000,000 | |
Affiliated companies aggregate value | 2,894,106,000,000 | 2,470,588,000,000 | |
Impairment loss on a certain investment in affiliated company accounted for by the equity method | 0 | 0 | ¥ 0 |
Dividends from affiliated companies accounted for by the equity method | 180,326,000,000 | 186,212,000,000 | ¥ 174,485,000,000 |
Finance receivables | 15,208,871,000,000 | 14,555,631,000,000 | |
Operating leases | 5,966,579,000,000 | 5,652,622,000,000 | |
Maximum exposure to loss related to VIEs | 539,862,000,000 | ||
Vehicles | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating leases | 6,105,527,000,000 | 5,778,463,000,000 | |
Variable Interest Entity, Primary Beneficiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Restricted cash | 151,943,000,000 | 126,012,000,000 | |
Secured debt | 2,067,221,000,000 | 1,903,189,000,000 | |
Variable Interest Entity, Primary Beneficiary | Vehicles | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating leases | 557,383,000,000 | 290,873,000,000 | |
Retail Receivables Portfolio Segment | Variable Interest Entity, Primary Beneficiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Finance receivables | ¥ 2,092,311,000,000 | ¥ 2,087,303,000,000 |
Affiliated companies and vari83
Affiliated companies and variable interest entities (Account Balances and Transactions with Affiliated Companies) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Trade accounts and notes receivable, and other receivables | ¥ 289,406 | ¥ 256,700 | |
Accounts payable and other payables | 691,173 | 676,415 | |
Net revenues | 1,914,318 | 1,804,493 | ¥ 1,785,238 |
Purchases | ¥ 5,357,682 | ¥ 4,359,854 | ¥ 5,065,613 |
Short-term borrowings and lon84
Short-term borrowings and long-term debt (Short-term Borrowings) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Short-term Debt [Line Items] | ||
Loans, principally from banks, with a weighted-average interest at March 31, 2016 and March 31, 2017 of 2.05% and of 1.86% per annum, respectively | ¥ 1,125,324 | ¥ 1,068,417 |
Commercial paper with a weighted-average interest at March 31, 2016 and March 31, 2017 of 0.71% and of 1.08% per annum, respectively | 3,828,358 | 3,629,717 |
Short-term borrowings | ¥ 4,953,682 | ¥ 4,698,134 |
Short-term borrowings and lon85
Short-term borrowings and long-term debt (Short-term Borrowings) (Parenthetical) (Detail) | Mar. 31, 2017 | Mar. 31, 2016 |
Short Term Bank Loans and Notes Payable | ||
Short-term Debt [Line Items] | ||
Short-term borrowings, weighted-average interest rate | 1.86% | 2.05% |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Short-term borrowings, weighted-average interest rate | 1.08% | 0.71% |
Short-term borrowings and lon86
Short-term borrowings and long-term debt - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | |||
Unused short-term lines of credit | ¥ 1,861,434 | ||
Assets pledged as collateral mainly for certain debt obligations of subsidiaries | 599,907 | ||
Other assets pledged as collateral mainly for certain debt obligations of subsidiaries | 2,175,526 | ||
Unused long-term lines of credit | 7,197,426 | ||
Debt interest expense | 352,691 | ¥ 377,310 | ¥ 347,030 |
Commercial Paper | |||
Debt Instrument [Line Items] | |||
Unused short-term lines of credit | ¥ 532,284 | ||
Currency, U.S. Dollar | |||
Debt Instrument [Line Items] | |||
Percentage of debt | 51.00% | ||
Currency, Japanese Yen | |||
Debt Instrument [Line Items] | |||
Percentage of debt | 11.00% | ||
Currency, Australian Dollar | |||
Debt Instrument [Line Items] | |||
Percentage of debt | 10.00% | ||
Euro Member Countries, Euro | |||
Debt Instrument [Line Items] | |||
Percentage of debt | 9.00% | ||
Other Foreign Currency Denominated Debt | |||
Debt Instrument [Line Items] | |||
Percentage of debt | 19.00% |
Short-term borrowings and lon87
Short-term borrowings and long-term debt (Long-term Debt) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term Debt and Capital Lease Obligations, Including Current Maturities, Total | ¥ 14,202,045 | ¥ 13,595,019 |
Less - Current portion due within one year | (4,290,449) | (3,822,954) |
Long-term debt | 9,911,596 | 9,772,065 |
Unsecured Debt | Bank Loan Obligations | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,318,865 | 3,403,347 |
Secured Debt | Finance Receivables Securitization | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,080,362 | 1,909,830 |
Medium-term Notes | Consolidated Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 6,923,511 | 6,409,141 |
Unsecured Notes | Consolidated Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,430,022 | 1,467,199 |
Unsecured Notes | Parent Company | ||
Debt Instrument [Line Items] | ||
Long-term debt | 370,000 | 350,000 |
Secured Notes | Consolidated Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 57,036 | 34,000 |
Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Long-term capital lease obligations | ¥ 22,249 | ¥ 21,502 |
Short-term borrowings and lon88
Short-term borrowings and long-term debt (Long-term Debt) (Parenthetical) (Detail) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Capital Lease Obligations | Minimum | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest rate | 0.37% | 0.23% |
Capital Lease Obligations | Maximum | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest rate | 14.73% | 14.73% |
Capital Lease Obligations | Range Start | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | 2,016 |
Capital Lease Obligations | Range End | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,035 | 2,035 |
Consolidated Subsidiaries | Medium-term Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 2.12% | 2.05% |
Consolidated Subsidiaries | Medium-term Notes | Range Start | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | 2,016 |
Consolidated Subsidiaries | Medium-term Notes | Range End | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,046 | 2,047 |
Consolidated Subsidiaries | Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 2.17% | 2.30% |
Consolidated Subsidiaries | Unsecured Notes | Range Start | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | 2,016 |
Consolidated Subsidiaries | Unsecured Notes | Range End | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,032 | 2,031 |
Consolidated Subsidiaries | Secured Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 8.14% | 8.58% |
Consolidated Subsidiaries | Secured Notes | Range Start | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | 2,016 |
Consolidated Subsidiaries | Secured Notes | Range End | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,020 | 2,019 |
Parent Company | Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 1.35% | 1.43% |
Parent Company | Unsecured Notes | Range Start | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | 2,016 |
Parent Company | Unsecured Notes | Range End | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,036 | 2,024 |
Bank Loan Obligations | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 2.44% | 2.24% |
Bank Loan Obligations | Unsecured Debt | Range Start | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | 2,016 |
Bank Loan Obligations | Unsecured Debt | Range End | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,036 | 2,035 |
Finance Receivables Securitization | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average interest rate | 1.43% | 1.11% |
Finance Receivables Securitization | Secured Debt | Range Start | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | 2,016 |
Finance Receivables Securitization | Secured Debt | Range End | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,030 | 2,030 |
Short-term borrowings and lon89
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, 2017JPY (¥) |
Long Term Debt And Capital Lease Obligations Repayments Of Principal [Line Items] | |
2,018 | ¥ 4,290,449 |
2,019 | 2,861,129 |
2,020 | 2,658,721 |
2,021 | 1,711,573 |
2,022 | ¥ 1,581,938 |
Product warranties and recall90
Product warranties and recalls and other safety measures (Net Changes in Liabilities for Quality Assurances) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Product Liability Contingency [Line Items] | |||
Liabilities for quality assurances at beginning of year | ¥ 1,403,764 | ¥ 1,328,916 | ¥ 1,154,021 |
Payments made during year | (604,853) | (501,073) | (509,488) |
Provision for quality assurances | 919,086 | 636,719 | 686,006 |
Changes relating to pre-existing quality assurances | (24,147) | (39,225) | (25,619) |
Other | 3,088 | (21,573) | 23,996 |
Liabilities for quality assurances at end of year | ¥ 1,696,938 | ¥ 1,403,764 | ¥ 1,328,916 |
Product warranties and recall91
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, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Product Liability Contingency [Line Items] | |||
Liabilities for recalls and other safety measures at beginning of year | ¥ 925,475 | ¥ 755,050 | ¥ 680,475 |
Payments made during year | (444,416) | (347,861) | (357,447) |
Provision for recalls and other safety measures | 794,009 | 524,100 | 421,618 |
Other | 132 | (5,814) | 10,404 |
Liabilities for recalls and other safety measures at end of year | ¥ 1,275,200 | ¥ 925,475 | ¥ 755,050 |
Income taxes (Components of Inc
Income taxes (Components of Income Before Income Taxes) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income before income taxes: | |||
Parent company and domestic subsidiaries | ¥ 1,423,208 | ¥ 1,834,413 | ¥ 1,685,909 |
Foreign subsidiaries | 770,617 | 1,148,968 | 1,206,919 |
Income before income taxes and equity in earnings of affiliated companies | ¥ 2,193,825 | ¥ 2,983,381 | ¥ 2,892,828 |
Income taxes (Provision for Inc
Income taxes (Provision for Income Taxes) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Current income tax expense: | |||
Current income tax expense | ¥ 682,199 | ¥ 845,380 | ¥ 920,356 |
Deferred income tax expense (benefit): | |||
Deferred income tax expense (benefit) | (53,299) | 32,889 | (26,887) |
Provision for income taxes | 628,900 | 878,269 | 893,469 |
Parent Company And Domestic Subsidiaries | |||
Current income tax expense: | |||
Current income tax expense | 435,560 | 591,868 | 552,122 |
Deferred income tax expense (benefit): | |||
Deferred income tax expense (benefit) | (21,756) | (40,934) | (77,653) |
Foreign Subsidiaries | |||
Current income tax expense: | |||
Current income tax expense | 246,639 | 253,512 | 368,234 |
Deferred income tax expense (benefit): | |||
Deferred income tax expense (benefit) | ¥ (31,543) | ¥ 73,823 | ¥ 50,766 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Japanese Tax Authority | |||
Income Taxes [Line Items] | |||
Statutory tax rate | 31.10% | 32.90% | 35.20% |
Operating loss carryforwards for tax purposes | ¥ 62,223 | ||
Tax credit carryforwards | 2,774 | ||
Undistributed earnings of foreign subsidiaries | 3,454,027 | ||
Undistributed earnings of foreign subsidiaries, additional tax provision, estimate | ¥ 129,885 | ||
Tax years remain open to examination by various tax jurisdictions | On and after April 1, 2010 | ||
Japanese Tax Authority | Minimum | |||
Income Taxes [Line Items] | |||
Expiration date for operating loss carryforwards | 2,018 | ||
Expiration date for tax credit carryforwards | 2,018 | ||
Japanese Tax Authority | Maximum | |||
Income Taxes [Line Items] | |||
Expiration date for operating loss carryforwards | 2,026 | ||
Expiration date for tax credit carryforwards | 2,020 | ||
Foreign Tax Authority | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards for tax purposes | ¥ 184,364 | ||
Tax credit carryforwards | ¥ 32,073 | ||
Tax years remain open to examination by various tax jurisdictions | On and after April 1, 2002 | ||
Foreign Tax Authority | Minimum | |||
Income Taxes [Line Items] | |||
Expiration date for operating loss carryforwards | 2,018 | ||
Expiration date for tax credit carryforwards | 2,018 | ||
Foreign Tax Authority | Maximum | |||
Income Taxes [Line Items] | |||
Expiration date for operating loss carryforwards | 2,037 | ||
Expiration date for tax credit carryforwards | 2,037 |
Income taxes (Reconciliation of
Income taxes (Reconciliation of Differences Between Statutory Tax Rate and Effective Income Tax Rate) (Detail) - Japanese Tax Authority | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Reconciliation of Statutory Federal Tax Rate [Line Items] | |||
Statutory tax rate | 31.10% | 32.90% | 35.20% |
Increase (reduction) in taxes resulting from: | |||
Non-deductible expenses | 0.40% | 0.30% | 1.50% |
Deferred tax liabilities on undistributed earnings of foreign subsidiaries | 1.30% | 1.00% | 1.00% |
Deferred tax liabilities on undistributed earnings of affiliated companies accounted for by the equity method | 3.30% | 2.40% | 2.50% |
Valuation allowance | (0.60%) | (0.40%) | (0.50%) |
Tax credits | (4.80%) | (4.70%) | (5.30%) |
The difference between the statutory tax rate in Japan and that of foreign subsidiaries | (1.90%) | (1.30%) | (2.40%) |
Unrecognized tax benefits adjustments | 0.40% | 0.20% | 3.20% |
Revision to reduce deferred tax assets and liabilities at the fiscal year-end due to changes in tax rates | (0.50%) | (1.90%) | |
Other | (0.50%) | (0.50%) | (2.40%) |
Effective income tax rate | 28.70% | 29.40% | 30.90% |
Income taxes (Components of Def
Income taxes (Components of Deferred Tax Assets and Liabilities) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Deferred tax assets | ||||
Accrued pension and severance costs | ¥ 219,465 | ¥ 283,713 | ||
Accrued expenses and liabilities for quality assurances | 644,936 | 586,628 | ||
Other accrued employees' compensation | 114,752 | 116,420 | ||
Operating loss carryforwards for tax purposes | 76,317 | 201,957 | ||
Allowance for doubtful accounts and credit losses | 82,916 | 68,686 | ||
Property, plant and equipment and other assets | 234,372 | 241,454 | ||
Other | 335,992 | 275,023 | ||
Gross deferred tax assets | 1,708,750 | 1,773,881 | ||
Less - Valuation allowance | (146,623) | (151,665) | ¥ (169,811) | ¥ (189,894) |
Total deferred tax assets | 1,562,127 | 1,622,216 | ||
Deferred tax liabilities | ||||
Unrealized gains on securities, net | (692,962) | (692,972) | ||
Undistributed earnings of foreign subsidiaries | (28,544) | (30,112) | ||
Undistributed earnings of affiliated companies accounted for by the equity method | (709,094) | (656,448) | ||
Basis difference of acquired assets | (31,861) | (31,171) | ||
Lease transactions | (973,000) | (1,073,518) | ||
Other | (46,407) | (93,206) | ||
Gross deferred tax liabilities | (2,481,868) | (2,577,427) | ||
Net deferred tax liability | (919,741) | (955,211) | ||
Deferred tax assets | ||||
Deferred income taxes (Current assets) | 967,607 | |||
Investments and other assets - Other | 503,985 | 151,431 | ||
Deferred tax liabilities | ||||
Other current liabilities | (28,160) | |||
Deferred income taxes (Long-term liabilities) | (1,423,726) | (2,046,089) | ||
Net deferred tax liability | ¥ (919,741) | ¥ (955,211) |
Income taxes (Net Changes in To
Income taxes (Net Changes in Total Valuation Allowance for Deferred Tax Assets) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Valuation Allowance [Line Items] | |||
Valuation allowance at beginning of year | ¥ 151,665 | ¥ 169,811 | ¥ 189,894 |
Additions | 27,147 | 33,243 | 34,485 |
Deductions | (37,891) | (43,723) | (50,247) |
Other | 5,702 | (7,666) | (4,321) |
Valuation allowance at end of year | ¥ 146,623 | ¥ 151,665 | ¥ 169,811 |
Income taxes (Summary of Gross
Income taxes (Summary of Gross Unrecognized Tax Benefits Changes) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Balance at beginning of year | ¥ 19,250 | ¥ 13,644 | ¥ 19,393 |
Additions based on tax positions related to the current year | 8,187 | 1,001 | 593 |
Additions for tax positions of prior years | 6,076 | 6,378 | 94,852 |
Reductions for tax positions of prior years | (5,593) | (77) | (4,015) |
Reductions for tax positions related to lapse of statute of limitations | (9) | (7) | (58) |
Reductions for settlements | (6,317) | (427) | (98,929) |
Other | (41) | (1,262) | 1,808 |
Balance at end of year | ¥ 21,553 | ¥ 19,250 | ¥ 13,644 |
Class Shares (Additional Inform
Class Shares (Additional Information Regarding Model AA Class Shares) (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | 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 | ¥ 2,473 | ¥ 1,224 | |
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. |
Class Shares (Additional Inf100
Class Shares (Additional Information Regarding Model AA Class Shares) (Parenthetical) (Detail) - Model AA Class Shares | Jul. 24, 2015 |
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% |
Shareholders' equity (Changes i
Shareholders' equity (Changes in Number of Shares of Common Stock Issued) (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Reconciliation of Common Stock Outstanding [Line Items] | |||
Balance at beginning of year | 3,337,997,492 | 3,417,997,492 | 3,447,997,492 |
Issuance during the year | 0 | 0 | 0 |
Purchase and retirement | (75,000,000) | (80,000,000) | (30,000,000) |
Balance at end of year | 3,262,997,492 | 3,337,997,492 | 3,417,997,492 |
Shareholders' equity - Addition
Shareholders' equity - Additional Information (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Stockholders Equity Note [Line Items] | |||
Percentage of distributions from surplus appropriated as capital or retained earnings reserve | 10.00% | ||
Percentage of total amount of capital reserve and retained earnings reserves to stated capital | 25.00% | ||
Retained earnings, reserve | ¥ 190,227 | ¥ 182,518 | |
Retained earnings related to the equity in undistributed earnings of companies accounted for by the equity method | ¥ 2,160,108 | ||
Reissuance of Treasury Stock | |||
Stockholders Equity Note [Line Items] | |||
Number of shares reissued | 30,000,000 | ||
Reissuance of Treasury Stock | Daihatsu Motor Company Limited | |||
Stockholders Equity Note [Line Items] | |||
Number of shares reissued | 52,856,096 | ||
Decrease in treasury stock | ¥ 283,561 | ||
Gains (losses) on disposal of treasury stock | 27,972 | ||
Increase in additional paid-in capital | 27,972 | ||
Decrease in additional paid in capital due to acquisition of additional shares | 53,742 | ||
Decrease in non controlling interest due to acquisition of additional shares | 255,565 | ||
Decrease in accumulated other comprehensive income (loss) due to acquisition of additional shares | 2,226 | ||
Other income (expense) | |||
Stockholders Equity Note [Line Items] | |||
Retirement of treasury stock | ¥ 99,400 | ||
Treasury stock, at cost | |||
Stockholders Equity Note [Line Items] | |||
Retirement of treasury stock | (407,383) | (400,537) | (246,807) |
Additional paid-in capital | |||
Stockholders Equity Note [Line Items] | |||
Retirement of treasury stock | 27,374 | 1,048 | 4,624 |
Retained earnings | |||
Stockholders Equity Note [Line Items] | |||
Retirement of treasury stock | 380,009 | 399,489 | ¥ 142,753 |
Parent Company | |||
Stockholders Equity Note [Line Items] | |||
Retained earnings, available for dividend payments | 8,470,887 | ¥ 7,964,099 | |
Cash dividends included in retained earnings at year-end | ¥ 327,219 | ||
Cash dividends per common share | ¥ 110 |
Shareholders' equity (Additiona
Shareholders' equity (Additional Information Regarding Repurchase, Reissuance and Retirement of Treasury Stock) (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Repurchase of Treasury Stock | To avoid the dilution of common share value | |||
Equity, Class of Treasury Stock [Line Items] | |||
Reason for repurchasing treasury stock | For the year ended March 31, 2015, the repurchase was made to avoid the dilution of common share value triggered by the reissuance of treasury stock described below, and to promote capital efficiency and agile capital policy in view of the business environment. | ||
Number of common shares repurchased | 55,521,900 | ||
Total purchase price for repurchase of shares | ¥ 359,994 | ||
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, 2017 and 2016, 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 | 116,555,700 | 62,942,900 | |
Total purchase price for repurchase of shares | ¥ 699,986 | ¥ 432,692 | |
Repurchase of Treasury Stock | To avoid dilution of common share value due to issuance of First Series Model AA class shares | |||
Equity, Class of Treasury Stock [Line Items] | |||
Reason for repurchasing treasury stock | For the year ended March 31, 2016, the repurchase was made to avoid the dilution of common share value as a result of the issuance of the First Series Model AA Class Shares. | ||
Number of common shares repurchased | 47,100,000 | ||
Total purchase price for repurchase of shares | ¥ 349,935 | ||
Retirement of Treasury Stock | |||
Equity, Class of Treasury Stock [Line Items] | |||
Reason for retiring treasury stock | For the years ended March 31, 2017, 2016 and 2015, The retirement was made to relieve concerns regarding the dilution of common share value due to reissuance of treasury stock in the future. | ||
Number of common shares retired | 75,000,000 | 80,000,000 | 30,000,000 |
Reissuance of Treasury Stock | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of common shares reissued | 30,000,000 | ||
Price of reissuance | ¥ 1 | ||
Amount of proceeds | ¥ 30 | ||
Reason for reissuing treasury stock | For the year ended March 31, 2015, TMC resolved at the Meeting of the Board of Directors held on March 26, 2014 to establish Toyota Mobility Foundation, a General Incorporated Foundation (the “Foundation”). The reissuance of treasury stock was made by way of third-party allotment to a trust that was established by TMC to provide funding for the activities of the Foundation through dividends, etc. on TMC’s common stock. |
Accumulated other comprehens104
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, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | ¥ 17,608,407 | ¥ 17,647,329 | ¥ 15,218,987 |
Other comprehensive income (loss) before reclassifications, net of taxes | 66,147 | (929,685) | 1,001,390 |
Reclassifications, net of taxes | (26,482) | 12,960 | (15,019) |
Other comprehensive income (loss), net of tax | 39,665 | (916,725) | 986,371 |
Less - Other comprehensive income attributable to noncontrolling interests | (7,285) | 49,948 | (36,987) |
Equity transaction with noncontrolling interests and other | 13,347 | 5,709 | 6,679 |
Balances | 18,183,076 | 17,608,407 | 17,647,329 |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | (499,055) | (136,090) | (516,538) |
Other comprehensive income (loss) before reclassifications, net of taxes | (57,926) | (423,404) | 404,352 |
Reclassifications, net of taxes | 28,052 | ||
Other comprehensive income (loss), net of tax | (57,926) | (395,352) | 404,352 |
Less - Other comprehensive income attributable to noncontrolling interests | 5,499 | 32,387 | (23,904) |
Equity transaction with noncontrolling interests and other | (8,626) | ||
Balances | (560,108) | (499,055) | (136,090) |
Unrealized gains (losses) on securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | 1,424,945 | 1,727,565 | 1,160,563 |
Other comprehensive income (loss) before reclassifications, net of taxes | 41,134 | (291,681) | 596,417 |
Reclassifications, net of taxes | (36,855) | (20,511) | (18,714) |
Other comprehensive income (loss), net of tax | 4,279 | (312,192) | 577,703 |
Less - Other comprehensive income attributable to noncontrolling interests | (12,281) | 9,572 | (10,701) |
Equity transaction with noncontrolling interests and other | 9,060 | ||
Balances | 1,426,003 | 1,424,945 | 1,727,565 |
Pension liability adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | (315,122) | (113,930) | (115,864) |
Other comprehensive income (loss) before reclassifications, net of taxes | 82,939 | (214,600) | 621 |
Reclassifications, net of taxes | 10,373 | 5,419 | 3,695 |
Other comprehensive income (loss), net of tax | 93,312 | (209,181) | 4,316 |
Less - Other comprehensive income attributable to noncontrolling interests | (503) | 7,989 | (2,382) |
Equity transaction with noncontrolling interests and other | (2,660) | ||
Balances | (224,973) | (315,122) | (113,930) |
Accumulated other comprehensive income (loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | 610,768 | 1,477,545 | 528,161 |
Equity transaction with noncontrolling interests and other | (2,226) | ||
Balances | ¥ 640,922 | ¥ 610,768 | ¥ 1,477,545 |
Accumulated other comprehens105
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, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications, taxes | ¥ (39,907) | ¥ 234,021 | ¥ (315,656) |
Reclassifications, taxes | 18,020 | 6,514 | 8,860 |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications, taxes | 9,240 | 10,719 | (8,742) |
Reclassifications, taxes | 0 | 0 | |
Unrealized gains (losses) on securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications, taxes | (9,048) | 130,092 | (309,767) |
Reclassifications, taxes | 23,275 | 9,832 | 11,013 |
Pension liability adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications, taxes | (40,099) | 93,210 | 2,853 |
Reclassifications, taxes | ¥ (5,255) | ¥ (3,318) | ¥ (2,153) |
Accumulated other comprehens106
Accumulated other comprehensive income (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Financing operations | ¥ (1,783,697) | ¥ (1,854,007) | ¥ (1,621,685) | |
Foreign exchange gain (loss), net | (33,601) | 5,573 | (88,140) | |
Other income (loss), net | (36,222) | (12,524) | 70,127 | |
Income before income taxes and equity in earnings of affiliated companies | (2,193,825) | (2,983,381) | (2,892,828) | |
Provision for income taxes | 628,900 | 878,269 | 893,469 | |
Equity in earnings of affiliated companies | (362,060) | (329,099) | (308,545) | |
Net income | (1,926,985) | (2,434,211) | (2,307,904) | |
Reclassification from AOCI, Current Period, Tax | 18,020 | 6,514 | 8,860 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (26,482) | 12,960 | (15,019) | |
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 | 28,052 | |||
Income before income taxes and equity in earnings of affiliated companies | 28,052 | |||
Net income | 28,052 | |||
Unrealized gains (losses) on securities | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Financing operations | (24,553) | (779) | (7,727) | |
Foreign exchange gain (loss), net | (3,572) | (27,275) | (14,552) | |
Other income (loss), net | (31,685) | (6,185) | (7,446) | |
Income before income taxes and equity in earnings of affiliated companies | (59,810) | (34,239) | (29,725) | |
Provision for income taxes | 23,275 | 9,832 | 11,013 | |
Equity in earnings of affiliated companies | (320) | 3,896 | (2) | |
Net income | (36,855) | (20,511) | (18,714) | |
Recognized net actuarial loss | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | 19,432 | 12,971 | 10,194 |
Amortization of prior service costs | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (3,804) | (4,234) | (4,346) |
Pension liability adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 15,628 | 8,737 | 5,848 | |
Reclassification from AOCI, Current Period, Tax | (5,255) | (3,318) | (2,153) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ¥ 10,373 | ¥ 5,419 | ¥ 3,695 | |
[1] | These components are included in the computation of net periodic pension cost. See note 20 to the consolidated financial statements for additional information. |
Stock-based compensation - Addi
Stock-based compensation - Additional Information (Detail) - JPY (¥) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |||
Stock-based compensation expense related to stock options | ¥ 0 | ¥ 0 | |
Total intrinsic value of stock options exercised | ¥ 1,632,000,000 | 2,236,000,000 | 5,313,000,000 |
Cash received from options exercised | ¥ 3,147,000,000 | ¥ 4,728,000,000 | ¥ 12,501,000,000 |
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 | 102.50% | ||
Vesting period | 2 years |
Stock-based compensation (Summa
Stock-based compensation (Summary of Toyota's Stock Option Activity) (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Number of shares | ||||
Options outstanding, beginning balance | 2,093,500 | 3,503,500 | 7,330,900 | |
Granted | 0 | 0 | 0 | |
Exercised | (785,600) | (936,400) | (2,603,900) | |
Canceled | (115,600) | (473,600) | (1,223,500) | |
Options outstanding, ending balance | 1,192,300 | 2,093,500 | 3,503,500 | 7,330,900 |
Options exercisable at year end | 1,192,300 | 2,093,500 | 3,503,500 | |
Weighted-average exercise price | ||||
Options outstanding, beginning balance | ¥ 3,858 | ¥ 4,632 | ¥ 4,965 | |
Granted | 0 | 0 | 0 | |
Exercised | 4,006 | 5,049 | 4,834 | |
Canceled | 4,682 | 6,917 | 6,200 | |
Options outstanding, ending balance | 3,682 | 3,858 | 4,632 | ¥ 4,965 |
Options exercisable at year end | ¥ 3,682 | ¥ 3,858 | ¥ 4,632 | |
Weighted-average remaining contractual life in years | ||||
Options outstanding, Weighted- average remaining contractual term | 9 months 18 days | 1 year 6 months 22 days | 2 years 18 days | 2 years 6 months 7 days |
Options exercisable at year end | 9 months 18 days | 1 year 6 months 22 days | 2 years 18 days | |
Aggregate intrinsic value | ||||
Options outstanding, beginning balance | ¥ 4,384 | ¥ 13,143 | ¥ 8,646 | |
Options outstanding, ending balance | 2,813 | 4,384 | ¥ 13,143 | |
Options exercisable at year end | ¥ 2,813 | ¥ 4,384 | ¥ 13,143 |
Stock-based compensation (Su109
Stock-based compensation (Summary of Options Outstanding and Options Exercisable) (Detail) | 12 Months Ended |
Mar. 31, 2017¥ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Exercise price range, Lower range | ¥ 3,153 |
Outstanding Exercise price range, Upper range | ¥ 4,154 |
Outstanding Number of shares | shares | 1,192,300 |
Outstanding Weighted- average exercise price | ¥ 3,682 |
Outstanding Weighted- average remaining life Years | 9 months 18 days |
Exercisable Number of shares | shares | 1,192,300 |
Exercisable Weighted- average exercise price | ¥ 3,682 |
Employee benefit plans (Informa
Employee benefit plans (Information Regarding Defined Benefit Plans) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Japanese plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | ¥ 1,912,156 | ¥ 1,721,225 | |
Service cost | 89,443 | 78,611 | ¥ 73,256 |
Interest cost | 8,800 | 17,509 | 21,746 |
Plan participants' contributions | 923 | 898 | |
Plan amendments | (21) | (489) | |
Net actuarial (gain) loss | (45,783) | 160,983 | |
Acquisition and other | 30,622 | (138) | |
Benefits paid | (65,642) | (66,443) | |
Benefit obligation at end of year | 1,930,498 | 1,912,156 | 1,721,225 |
Change in plan assets | |||
Balance at beginning of year | 1,369,236 | 1,447,802 | |
Actual return on plan assets | 81,600 | (94,669) | |
Acquisition and other | 30,266 | (88) | |
Employer contributions | 39,692 | 53,060 | |
Plan participants' contributions | 923 | 898 | |
Benefits paid | (37,828) | (37,767) | |
Balance at end of year | 1,483,889 | 1,369,236 | 1,447,802 |
Funded status | 446,609 | 542,920 | |
Foreign Plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 963,255 | 976,930 | |
Service cost | 41,733 | 47,544 | 41,147 |
Interest cost | 35,593 | 40,340 | 37,993 |
Plan participants' contributions | 436 | 404 | |
Plan amendments | (996) | (573) | |
Net actuarial (gain) loss | 22,220 | (22,332) | |
Acquisition and other | (18,778) | (63,107) | |
Benefits paid | (17,439) | (15,951) | |
Benefit obligation at end of year | 1,026,024 | 963,255 | 976,930 |
Change in plan assets | |||
Balance at beginning of year | 692,801 | 713,528 | |
Actual return on plan assets | 74,760 | 11,042 | |
Acquisition and other | (11,960) | (45,801) | |
Employer contributions | 15,925 | 25,612 | |
Plan participants' contributions | 436 | 404 | |
Benefits paid | (13,656) | (11,984) | |
Balance at end of year | 758,306 | 692,801 | ¥ 713,528 |
Funded status | ¥ 267,718 | ¥ 270,454 |
Employee benefit plans (Amounts
Employee benefit plans (Amounts Recognized in Consolidated Balance Sheet Associated with Defined Benefit Plans) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued pension and severance costs | ¥ 905,070 | ¥ 904,911 |
Japanese plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued expenses (Accrued pension and severance costs) | 28,265 | 29,023 |
Accrued pension and severance costs | 633,774 | 632,340 |
Investments and other assets - Other (Prepaid pension and severance costs) | (215,430) | (118,443) |
Net amount recognized | 446,609 | 542,920 |
Foreign Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued expenses (Accrued pension and severance costs) | 2,936 | 3,161 |
Accrued pension and severance costs | 271,296 | 272,571 |
Investments and other assets - Other (Prepaid pension and severance costs) | (6,514) | (5,278) |
Net amount recognized | ¥ 267,718 | ¥ 270,454 |
Employee benefit plans (Amou112
Employee benefit plans (Amounts Recognized in Accumulated Other Comprehensive Income (Loss)) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Japanese plans | ||
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net actuarial loss | ¥ (288,126) | ¥ (395,686) |
Prior service costs | 36,980 | 39,699 |
Net transition obligation | 0 | 0 |
Net amount recognized | (251,146) | (355,987) |
Foreign Plans | ||
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net actuarial loss | (116,700) | (137,443) |
Prior service costs | (2,151) | (3,491) |
Net transition obligation | 0 | 0 |
Net amount recognized | ¥ (118,851) | ¥ (140,934) |
Employee benefit plans - Additi
Employee benefit plans - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Japanese plans | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Accumulated benefit obligation for all defined benefit pension plans | ¥ 1,874,424 | ¥ 1,852,556 | |
Foreign Plans | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Accumulated benefit obligation for all defined benefit pension plans | ¥ 957,217 | ¥ 892,154 | |
Scenario Forecast | Japanese plans | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Estimated prior service costs | ¥ (4,100) | ||
Estimated net actuarial loss | 7,800 | ||
Expected contribution to pension plans | 39,847 | ||
Scenario Forecast | Foreign Plans | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Estimated prior service costs | 300 | ||
Estimated net actuarial loss | 5,200 | ||
Expected contribution to pension plans | ¥ 16,020 | ||
Equity securities | Japanese plans | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Percentage of plan assets invested | 40.00% | ||
Equity securities | Foreign Plans | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Percentage of plan assets invested | 60.00% | ||
Equity securities | Common stocks | Japanese plans | Japan | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Plan asset allocation | 74.00% | 75.00% | |
Equity securities | Common stocks | Japanese plans | Foreign | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Plan asset allocation | 26.00% | 25.00% | |
Debt securities | Japanese plans | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Percentage of plan assets invested | 30.00% | ||
Debt securities | Foreign Plans | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Percentage of plan assets invested | 25.00% | ||
Debt securities | Government bonds | Japanese plans | Japan | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Plan asset allocation | 28.00% | 27.00% | |
Debt securities | Government bonds | Japanese plans | Foreign | |||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||
Plan asset allocation | 72.00% | 73.00% |
Employee benefit plans (Project
Employee benefit plans (Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for which Accumulated Benefit Obligations Exceed Plan Assets) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Japanese plans | ||
Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Line Items] | ||
Projected benefit obligation | ¥ 892,684 | ¥ 892,078 |
Accumulated benefit obligation | 866,566 | 863,593 |
Fair value of plan assets | 242,488 | 242,096 |
Foreign Plans | ||
Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Line Items] | ||
Projected benefit obligation | 445,482 | 311,256 |
Accumulated benefit obligation | 426,201 | 300,026 |
Fair value of plan assets | ¥ 178,357 | ¥ 66,183 |
Employee benefit plans (Compone
Employee benefit plans (Components of Net Periodic Pension Cost) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Japanese plans | |||
Net Period Benefit Cost Assumptions [Line Items] | |||
Service cost | ¥ 89,443 | ¥ 78,611 | ¥ 73,256 |
Interest cost | 8,800 | 17,509 | 21,746 |
Expected return on plan assets | (33,524) | (35,012) | (31,255) |
Amortization of prior service costs | (4,148) | (4,669) | (4,723) |
Recognized net actuarial loss | 14,298 | 5,850 | 7,302 |
Amortization of net transition obligation | 0 | 0 | 0 |
Net periodic pension cost | 74,869 | 62,289 | 66,326 |
Foreign Plans | |||
Net Period Benefit Cost Assumptions [Line Items] | |||
Service cost | 41,733 | 47,544 | 41,147 |
Interest cost | 35,593 | 40,340 | 37,993 |
Expected return on plan assets | (38,893) | (44,616) | (40,784) |
Amortization of prior service costs | 344 | 435 | 377 |
Recognized net actuarial loss | 5,134 | 7,121 | 2,892 |
Amortization of net transition obligation | 0 | 0 | 0 |
Net periodic pension cost | ¥ 43,911 | ¥ 50,824 | ¥ 41,625 |
Employee benefit plans (Other C
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, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Japanese plans | |||
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net actuarial gain (loss) | ¥ 93,859 | ¥ (290,664) | ¥ 130,455 |
Recognized net actuarial loss | 14,298 | 5,850 | 7,302 |
Prior service costs | 21 | 489 | 381 |
Amortization of prior service costs | (4,148) | (4,669) | (4,723) |
Amortization of net transition obligation | 0 | 0 | 0 |
Other | 811 | 76 | 46 |
Total recognized in other comprehensive income (loss) | 104,841 | (288,918) | 133,461 |
Foreign Plans | |||
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net actuarial gain (loss) | 13,647 | (11,242) | (97,772) |
Recognized net actuarial loss | 5,134 | 7,121 | 2,892 |
Prior service costs | 996 | 573 | (3,217) |
Amortization of prior service costs | 344 | 435 | 377 |
Amortization of net transition obligation | 0 | 0 | 0 |
Other | 1,962 | 272 | 7,564 |
Total recognized in other comprehensive income (loss) | ¥ 22,083 | ¥ (2,841) | ¥ (90,156) |
Employee benefit plans (Weighte
Employee benefit plans (Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost) (Detail) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Japanese plans | |||
Defined benefit plan, weighted average assumptions used in calculating benefit obligation | |||
Discount rate | 0.70% | 0.50% | |
Rate of compensation increase | 2.90% | 2.70% | |
Defined benefit plan, weighted average assumptions used in calculating net periodic benefit cost | |||
Discount rate | 0.50% | 1.10% | 1.40% |
Expected return on plan assets | 2.40% | 2.50% | 2.50% |
Rate of compensation increase | 2.70% | 2.50% | 2.10% |
Foreign Plans | |||
Defined benefit plan, weighted average assumptions used in calculating benefit obligation | |||
Discount rate | 4.00% | 4.20% | |
Rate of compensation increase | 3.80% | 3.90% | |
Defined benefit plan, weighted average assumptions used in calculating net periodic benefit cost | |||
Discount rate | 4.20% | 4.00% | 4.80% |
Expected return on plan assets | 6.10% | 6.30% | 6.70% |
Rate of compensation increase | 3.90% | 4.40% | 4.50% |
Employee benefit plans (Summary
Employee benefit plans (Summary of Fair Value of Classes of Plan Assets) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | ¥ 758,306 | ¥ 692,801 | ¥ 713,528 | |
Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 1,483,889 | 1,369,236 | 1,447,802 | |
Investments | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 194,289 | 172,290 | ||
Investments | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 65,222 | 54,402 | ||
Equity securities | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 359,140 | 313,514 | ||
Equity securities | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 765,887 | 669,287 | ||
Equity securities | Common stocks | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 207,036 | 201,967 | ||
Equity securities | Common stocks | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 585,052 | 500,990 | ||
Equity securities | Commingled funds | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 152,104 | 111,547 | ||
Equity securities | Commingled funds | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 180,835 | 168,297 | ||
Debt securities | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 146,590 | 148,365 | ||
Debt securities | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 376,291 | 373,403 | ||
Debt securities | Commingled funds | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 36,430 | 25,560 | ||
Debt securities | Commingled funds | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 248,498 | 249,565 | ||
Debt securities | Government bonds | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 76,730 | 75,222 | ||
Debt securities | Government bonds | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 87,958 | 90,330 | ||
Debt securities | Other | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 33,430 | 47,583 | ||
Debt securities | Other | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 39,835 | 33,508 | ||
Insurance Contracts | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 199,779 | 198,074 | ||
Other | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 58,287 | 58,632 | ||
Other | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 76,710 | 74,070 | ||
Level 1 | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 297,299 | 289,755 | ||
Level 1 | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 715,093 | 630,552 | ||
Level 1 | Equity securities | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 207,036 | 201,967 | ||
Level 1 | Equity securities | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 585,052 | 500,990 | ||
Level 1 | Equity securities | Common stocks | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 207,036 | 201,967 | ||
Level 1 | Equity securities | Common stocks | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 585,052 | 500,990 | ||
Level 1 | Debt securities | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 76,730 | 75,222 | ||
Level 1 | Debt securities | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 87,958 | 90,330 | ||
Level 1 | Debt securities | Government bonds | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 76,730 | 75,222 | ||
Level 1 | Debt securities | Government bonds | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 87,958 | 90,330 | ||
Level 1 | Other | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 13,533 | 12,566 | ||
Level 1 | Other | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 42,083 | 39,232 | ||
Level 2 | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 235,815 | 199,998 | ||
Level 2 | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 702,997 | 681,618 | ||
Level 2 | Equity securities | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 152,104 | 111,547 | ||
Level 2 | Equity securities | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 180,835 | 168,297 | ||
Level 2 | Equity securities | Commingled funds | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 152,104 | 111,547 | ||
Level 2 | Equity securities | Commingled funds | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 180,835 | 168,297 | ||
Level 2 | Debt securities | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 69,860 | 73,143 | ||
Level 2 | Debt securities | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 288,252 | 282,927 | ||
Level 2 | Debt securities | Commingled funds | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 36,430 | 25,560 | ||
Level 2 | Debt securities | Commingled funds | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 248,498 | 249,565 | ||
Level 2 | Debt securities | Other | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 33,430 | 47,583 | ||
Level 2 | Debt securities | Other | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 39,754 | 33,362 | ||
Level 2 | Insurance Contracts | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 199,779 | 198,074 | ||
Level 2 | Other | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 13,851 | 15,308 | ||
Level 2 | Other | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 34,131 | 32,320 | ||
Level 3 | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 30,903 | 30,758 | ||
Level 3 | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 577 | 2,664 | 1,251 | ¥ 1,322 |
Level 3 | Debt securities | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 81 | 146 | 233 | 322 |
Level 3 | Debt securities | Other | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 81 | 146 | ||
Level 3 | Other | Foreign Plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | 30,903 | 30,758 | 17,511 | 14,465 |
Level 3 | Other | Japanese plans | ||||
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | ||||
Plan assets | ¥ 496 | ¥ 2,518 | ¥ 1,018 | ¥ 1,000 |
Employee benefit plans (Changes
Employee benefit plans (Changes in Level 3 Plan Assets Measured At Fair Value) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Japanese plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | ¥ 1,369,236 | ¥ 1,447,802 | |
Actual return on plan assets | 81,600 | (94,669) | |
Balance at end of year | 1,483,889 | 1,369,236 | ¥ 1,447,802 |
Foreign Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 692,801 | 713,528 | |
Actual return on plan assets | 74,760 | 11,042 | |
Balance at end of year | 758,306 | 692,801 | 713,528 |
Debt securities | Japanese plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 373,403 | ||
Balance at end of year | 376,291 | 373,403 | |
Debt securities | Foreign Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 148,365 | ||
Balance at end of year | 146,590 | 148,365 | |
Other | Japanese plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 74,070 | ||
Balance at end of year | 76,710 | 74,070 | |
Other | Foreign Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 58,632 | ||
Balance at end of year | 58,287 | 58,632 | |
Level 3 | Japanese plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 2,664 | 1,251 | 1,322 |
Actual return on plan assets | (11) | (2) | 21 |
Purchases, sales and settlements | (2,076) | 1,415 | (92) |
Balance at end of year | 577 | 2,664 | 1,251 |
Level 3 | Foreign Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 30,758 | ||
Balance at end of year | 30,903 | 30,758 | |
Level 3 | Debt securities | Japanese plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 146 | 233 | 322 |
Actual return on plan assets | 1 | 2 | |
Purchases, sales and settlements | (65) | (88) | (91) |
Balance at end of year | 81 | 146 | 233 |
Level 3 | Other | Japanese plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 2,518 | 1,018 | 1,000 |
Actual return on plan assets | (11) | (3) | 19 |
Purchases, sales and settlements | (2,011) | 1,503 | (1) |
Balance at end of year | 496 | 2,518 | 1,018 |
Level 3 | Other | Foreign Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of year | 30,758 | 17,511 | 14,465 |
Actual return on plan assets | 279 | 1,966 | 2,510 |
Purchases, sales and settlements | 12,372 | (1,889) | |
Other | (134) | (1,091) | 2,425 |
Balance at end of year | ¥ 30,903 | ¥ 30,758 | ¥ 17,511 |
Employee benefit plans (Expecte
Employee benefit plans (Expected Benefit Payments Associated with Pension and Postretirement Benefit Plans) (Detail) ¥ in Millions | Mar. 31, 2017JPY (¥) |
Japanese plans | |
Schedule of Pension Expected Future Benefit Payments [Line Items] | |
2,018 | ¥ 70,632 |
2,019 | 76,238 |
2,020 | 77,000 |
2,021 | 77,898 |
2,022 | 81,342 |
from 2023 to 2027 | 428,947 |
Total | 812,057 |
Foreign Plans | |
Schedule of Pension Expected Future Benefit Payments [Line Items] | |
2,018 | 35,383 |
2,019 | 19,714 |
2,020 | 20,799 |
2,021 | 22,019 |
2,022 | 23,424 |
from 2023 to 2027 | 139,702 |
Total | ¥ 261,041 |
Derivative financial instrum121
Derivative financial instruments (Fair Values of Derivative Financial Instruments) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | ¥ 243,421 | ¥ 366,811 |
Counterparty netting | (84,883) | (116,174) |
Collateral received | (60,021) | (65,810) |
Carrying value of derivative assets | 98,517 | 184,827 |
Total derivative liabilities | (245,457) | (244,287) |
Counterparty netting | 84,883 | 116,174 |
Collateral posted | 122,231 | 94,953 |
Carrying value of derivative liabilities | (38,343) | (33,160) |
Interest rate and currency swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 230,238 | 327,722 |
Derivative liabilities | (225,474) | (223,120) |
Interest rate and currency swap agreements | Prepaid expenses and Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 61,946 | 96,996 |
Interest rate and currency swap agreements | Investments and other assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 168,292 | 230,726 |
Interest rate and currency swap agreements | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (67,091) | (42,404) |
Interest rate and currency swap agreements | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (158,383) | (180,716) |
Foreign exchange forward and option contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 12,521 | 34,718 |
Derivative liabilities | (19,919) | (21,167) |
Foreign exchange forward and option contracts | Prepaid expenses and Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 12,357 | 34,290 |
Foreign exchange forward and option contracts | Investments and other assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 164 | 428 |
Foreign exchange forward and option contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (19,919) | (21,167) |
Fair value hedging derivative financial instruments | Interest rate and currency swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 662 | 4,371 |
Derivative liabilities | (64) | |
Fair value hedging derivative financial instruments | Interest rate and currency swap agreements | Investments and other assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 662 | ¥ 4,371 |
Fair value hedging derivative financial instruments | Interest rate and currency swap agreements | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | ¥ (64) |
Derivative financial instrum122
Derivative financial instruments (Notional Amounts of Derivative Financial Instruments) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Undesignated derivative financial instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative financial instruments, notional amount | ¥ 22,232,418 | ¥ 21,054,461 |
Interest rate and currency swap agreements | Undesignated derivative financial instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative financial instruments, notional amount | 19,459,677 | 18,312,359 |
Foreign exchange forward and option contracts | Undesignated derivative financial instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative financial instruments, notional amount | 2,772,741 | 2,742,102 |
Fair value hedging derivative financial instruments | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative financial instruments, notional amount | 40,837 | 41,016 |
Fair value hedging derivative financial instruments | Interest rate and currency swap agreements | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative financial instruments, notional amount | ¥ 40,837 | ¥ 41,016 |
Derivative financial instrum123
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, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
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 | ¥ (339) | ¥ (133) | ¥ (15,488) |
Gains or (losses) on hedged items | 1,212 | 122 | 15,595 |
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 | (61,884) | 119,096 | (57,015) |
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 | 12,516 | (379) | 6,459 |
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 | 2,614 | (16,363) | 31,738 |
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 | ¥ 81,614 | ¥ 115,256 | ¥ (4,108) |
Derivative financial instrum124
Derivative financial instruments - Additional Information (Detail) ¥ in Millions | Mar. 31, 2017JPY (¥) |
Derivative [Line Items] | |
Credit risk derivatives, fair value, net liability | ¥ 5,656 |
Credit risk derivatives, aggregate fair value of assets posted | 113,648 |
Maximum amount of assets to be posted if the ratings decline below specified thresholds | ¥ 5,656 |
Other financial instruments (Es
Other financial instruments (Estimated Fair Value of Toyota's Financial Instrument, Excluding Marketable Securities, Other Securities Investments, Investments and Other Assets in Affiliated Companies and Derivative Financial Instruments) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Assets (Liabilities) | ||||
Cash and cash equivalents | ¥ 2,995,075 | ¥ 2,939,428 | ¥ 2,284,557 | ¥ 2,041,170 |
Time deposits | 1,082,654 | 1,032,034 | ||
Other receivables | 436,867 | 451,406 | ||
Short-term borrowings | (4,953,682) | (4,698,134) | ||
Carrying amount | ||||
Assets (Liabilities) | ||||
Cash and cash equivalents | 2,995,075 | 2,939,428 | ||
Time deposits | 1,082,654 | 1,032,034 | ||
Total finance receivables, net | 14,064,660 | 13,525,997 | ||
Other receivables | 436,867 | 451,406 | ||
Short-term borrowings | (4,953,682) | (4,698,134) | ||
Long-term debt including the current portion | (14,179,796) | (13,573,517) | ||
Estimated fair value | ||||
Assets (Liabilities) | ||||
Cash and cash equivalents | 2,995,075 | 2,939,428 | ||
Time deposits | 1,082,654 | 1,032,034 | ||
Total finance receivables, net | 14,226,440 | 13,597,910 | ||
Other receivables | 436,867 | 451,406 | ||
Short-term borrowings | (4,953,682) | (4,698,134) | ||
Long-term debt including the current portion | (14,307,501) | (13,783,296) | ||
Estimated fair value | Level 1 | ||||
Assets (Liabilities) | ||||
Cash and cash equivalents | 2,103,469 | 2,023,744 | ||
Estimated fair value | Level 2 | ||||
Assets (Liabilities) | ||||
Cash and cash equivalents | 891,606 | 915,684 | ||
Time deposits | 1,082,654 | 1,032,034 | ||
Short-term borrowings | (4,953,682) | (4,698,134) | ||
Long-term debt including the current portion | (12,241,617) | (11,882,343) | ||
Estimated fair value | Level 3 | ||||
Assets (Liabilities) | ||||
Total finance receivables, net | 14,226,440 | 13,597,910 | ||
Other receivables | 436,867 | 451,406 | ||
Long-term debt including the current portion | ¥ (2,065,884) | ¥ (1,900,953) |
Lease commitments (Analysis of
Lease commitments (Analysis of Leased Assets Under Capital Leases) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Class of property | ||
Less - Accumulated depreciation | ¥ (28,703) | ¥ (27,738) |
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | 19,702 | 19,760 |
Building | ||
Class of property | ||
Capital leased assets, gross | 18,775 | 18,411 |
Machinery and equipment | ||
Class of property | ||
Capital leased assets, gross | ¥ 29,630 | ¥ 29,087 |
Lease commitments - Additional
Lease commitments - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Lease and Rental Expense [Line Items] | |||
Capital leases, amortization expenses | ¥ 4,586 | ¥ 4,801 | ¥ 4,348 |
Operating lease, rental expenses | ¥ 92,321 | ¥ 101,932 | ¥ 98,479 |
Lease commitments (Future Minim
Lease commitments (Future Minimum Lease Payments Under Capital Leases Together with Present Value of Net Minimum Lease Payments) (Detail) ¥ in Millions | Mar. 31, 2017JPY (¥) |
Schedule of Capital Lease Obligations [Line Items] | |
2,018 | ¥ 5,544 |
2,019 | 4,824 |
2,020 | 2,674 |
2,021 | 1,978 |
2,022 | 1,852 |
Thereafter | 11,178 |
Total minimum lease payments | 28,050 |
Less - Amount representing interest | (5,801) |
Present value of net minimum lease payments | 22,249 |
Less - Current obligations | (4,643) |
Long-term capital lease obligations | ¥ 17,606 |
Lease commitments (Minimum Rent
Lease commitments (Minimum Rental Payments Required Under Operating Leases Relating to Land, Buildings and Equipment) (Detail) ¥ in Millions | Mar. 31, 2017JPY (¥) |
Schedule of Operating Leases [Line Items] | |
2,018 | ¥ 16,107 |
2,019 | 12,154 |
2,020 | 9,444 |
2,021 | 7,842 |
2,022 | 7,239 |
Thereafter | 27,729 |
Total minimum future rentals | ¥ 80,515 |
Other commitments and contin130
Other commitments and contingencies, concentrations and factors that may affect future operations - Additional Information (Detail) ¥ in Millions | 12 Months Ended |
Mar. 31, 2017JPY (¥) | |
Commitments and Contingencies Disclosure [Line Items] | |
Guarantee contracts obligations, maximum potential amount of future payments | ¥ 2,596,443 |
Guarantee contracts obligations, liabilities | 6,360 |
Purchase Commitment | |
Commitments and Contingencies Disclosure [Line Items] | |
Commitments outstanding for purchase of property, plant and equipment, service and other assets | ¥ 337,498 |
Minimum | |
Commitments and Contingencies Disclosure [Line Items] | |
Payment guarantee period | 1 month |
Maximum | |
Commitments and Contingencies Disclosure [Line Items] | |
Payment guarantee period | 35 years |
Segment data (Segment Operating
Segment data (Segment Operating Results and Assets) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net revenues | |||
Sales to external customers | ¥ 27,597,193 | ¥ 28,403,118 | ¥ 27,234,521 |
Total net revenues | 27,597,193 | 28,403,118 | 27,234,521 |
Operating expenses | 25,602,821 | 25,549,147 | 24,483,957 |
Operating income | 1,994,372 | 2,853,971 | 2,750,564 |
Assets | 48,750,186 | 47,427,597 | 47,729,830 |
Investment in equity method investees | 2,845,422 | 2,631,389 | 2,691,222 |
Depreciation expenses | 1,610,950 | 1,625,837 | 1,409,075 |
Capital expenditure | 3,541,437 | 4,059,216 | 3,357,568 |
Inter-segment Elimination | |||
Net revenues | |||
Inter-segment sales and transfers | (629,306) | (647,909) | (744,548) |
Total net revenues | (629,306) | (647,909) | (744,548) |
Operating expenses | (626,950) | (647,149) | (742,319) |
Operating income | (2,356) | (760) | (2,229) |
Assets | 7,915,579 | 8,179,682 | 7,564,434 |
Investment in equity method investees | 90,193 | 78,776 | 84,294 |
Capital expenditure | 12,014 | (10,010) | (31,086) |
Automotive | Operating Segments | |||
Net revenues | |||
Sales to external customers | 25,032,229 | 25,923,813 | 25,006,224 |
Inter-segment sales and transfers | 49,618 | 53,603 | 55,905 |
Total net revenues | 25,081,847 | 25,977,416 | 25,062,129 |
Operating expenses | 23,388,874 | 23,528,418 | 22,736,819 |
Operating income | 1,692,973 | 2,448,998 | 2,325,310 |
Assets | 16,156,496 | 15,621,757 | 15,897,022 |
Investment in equity method investees | 2,745,437 | 2,532,644 | 2,588,127 |
Depreciation expenses | 912,797 | 900,434 | 819,280 |
Capital expenditure | 1,293,564 | 1,389,289 | 1,262,670 |
Financial Services | Operating Segments | |||
Net revenues | |||
Sales to external customers | 1,783,697 | 1,854,007 | 1,621,685 |
Inter-segment sales and transfers | 39,903 | 42,217 | 39,464 |
Total net revenues | 1,823,600 | 1,896,224 | 1,661,149 |
Operating expenses | 1,601,172 | 1,556,998 | 1,299,316 |
Operating income | 222,428 | 339,226 | 361,833 |
Assets | 22,507,613 | 21,709,010 | 22,378,941 |
Investment in equity method investees | 9,792 | 9,168 | 8,801 |
Depreciation expenses | 671,155 | 697,991 | 564,619 |
Capital expenditure | 2,182,149 | 2,638,111 | 2,086,481 |
All Other | Operating Segments | |||
Net revenues | |||
Sales to external customers | 781,267 | 625,298 | 606,612 |
Inter-segment sales and transfers | 539,785 | 552,089 | 649,179 |
Total net revenues | 1,321,052 | 1,177,387 | 1,255,791 |
Operating expenses | 1,239,725 | 1,110,880 | 1,190,141 |
Operating income | 81,327 | 66,507 | 65,650 |
Assets | 2,170,498 | 1,917,148 | 1,889,433 |
Investment in equity method investees | 10,801 | 10,000 | |
Depreciation expenses | 26,998 | 27,412 | 25,176 |
Capital expenditure | ¥ 53,710 | ¥ 41,826 | ¥ 39,503 |
Segment data (Geographic Inform
Segment data (Geographic Information) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net revenues | |||
Sales to external customers | ¥ 27,597,193 | ¥ 28,403,118 | ¥ 27,234,521 |
Total net revenues | 27,597,193 | 28,403,118 | 27,234,521 |
Operating expenses | 25,602,821 | 25,549,147 | 24,483,957 |
Operating income (loss) | 1,994,372 | 2,853,971 | 2,750,564 |
Assets | 48,750,186 | 47,427,597 | 47,729,830 |
Long-lived assets | 10,197,109 | 9,740,417 | 9,295,719 |
Geography Eliminations | |||
Net revenues | |||
Inter-segment sales and transfers | (7,134,700) | (7,283,744) | (7,125,714) |
Total net revenues | (7,134,700) | (7,283,744) | (7,125,714) |
Operating expenses | (7,134,004) | (7,300,860) | (7,105,874) |
Operating income (loss) | (696) | 17,116 | (19,840) |
Assets | 6,440,555 | 6,906,161 | 6,004,320 |
Japan | Reportable Geographical Components | |||
Net revenues | |||
Sales to external customers | 8,798,903 | 8,588,437 | 8,338,881 |
Inter-segment sales and transfers | 6,031,965 | 6,171,051 | 6,064,986 |
Total net revenues | 14,830,868 | 14,759,488 | 14,403,867 |
Operating expenses | 13,628,623 | 13,081,966 | 12,832,391 |
Operating income (loss) | 1,202,245 | 1,677,522 | 1,571,476 |
Assets | 14,791,969 | 14,291,434 | 14,466,432 |
Long-lived assets | 3,376,157 | 3,210,376 | 3,062,463 |
North America | Reportable Geographical Components | |||
Net revenues | |||
Sales to external customers | 10,033,419 | 10,822,772 | 9,430,450 |
Inter-segment sales and transfers | 205,672 | 229,198 | 247,146 |
Total net revenues | 10,239,091 | 11,051,970 | 9,677,596 |
Operating expenses | 9,927,897 | 10,523,151 | 9,093,077 |
Operating income (loss) | 311,194 | 528,819 | 584,519 |
Assets | 17,365,237 | 16,622,979 | 16,961,700 |
Long-lived assets | 5,274,928 | 4,958,989 | 4,632,536 |
Europe | Reportable Geographical Components | |||
Net revenues | |||
Sales to external customers | 2,517,601 | 2,507,292 | 2,690,803 |
Inter-segment sales and transfers | 163,438 | 154,039 | 157,491 |
Total net revenues | 2,681,039 | 2,661,331 | 2,848,294 |
Operating expenses | 2,693,283 | 2,588,915 | 2,767,176 |
Operating income (loss) | (12,244) | 72,416 | 81,118 |
Assets | 2,846,469 | 2,612,210 | 2,640,054 |
Long-lived assets | 313,182 | 309,657 | 301,736 |
Asia | Reportable Geographical Components | |||
Net revenues | |||
Sales to external customers | 4,279,617 | 4,475,623 | 4,531,178 |
Inter-segment sales and transfers | 540,204 | 528,236 | 450,062 |
Total net revenues | 4,819,821 | 5,003,859 | 4,981,240 |
Operating expenses | 4,384,642 | 4,554,670 | 4,559,458 |
Operating income (loss) | 435,179 | 449,189 | 421,782 |
Assets | 4,486,021 | 4,415,700 | 4,753,850 |
Long-lived assets | 828,619 | 869,989 | 874,207 |
Other Countries | Reportable Geographical Components | |||
Net revenues | |||
Sales to external customers | 1,967,653 | 2,008,994 | 2,243,209 |
Inter-segment sales and transfers | 193,421 | 201,220 | 206,029 |
Total net revenues | 2,161,074 | 2,210,214 | 2,449,238 |
Operating expenses | 2,102,380 | 2,101,305 | 2,337,729 |
Operating income (loss) | 58,694 | 108,909 | 111,509 |
Assets | 2,819,935 | 2,579,113 | 2,903,474 |
Long-lived assets | ¥ 404,223 | ¥ 391,406 | ¥ 424,777 |
Segment data - Additional Infor
Segment data - Additional Information (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Total assets | ¥ 48,750,186 | ¥ 47,427,597 | ¥ 47,729,830 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total assets | ¥ 9,177,953 | ¥ 9,369,868 | ¥ 8,742,168 |
Segment data (Revenues that are
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, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | ¥ 27,597,193 | ¥ 28,403,118 | ¥ 27,234,521 |
North America | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 10,054,431 | 10,797,304 | 9,405,305 |
Europe | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 2,341,364 | 2,323,399 | 2,555,368 |
Asia | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 4,414,236 | 4,292,800 | 4,231,077 |
Other Countries | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | ¥ 3,923,621 | ¥ 4,724,784 | ¥ 4,947,169 |
Segment data (Balance Sheets -
Segment data (Balance Sheets - Non-financial Services and Financial Services Businesses) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Current assets | ||||
Cash and cash equivalents | ¥ 2,995,075 | ¥ 2,939,428 | ¥ 2,284,557 | ¥ 2,041,170 |
Marketable securities | 1,821,598 | 1,511,389 | ||
Finance receivables, net | 6,196,649 | 5,912,684 | ||
Inventories | 2,388,617 | 2,061,511 | ||
Prepaid expenses and other current assets | 796,297 | 1,333,345 | ||
Total current assets | 17,833,695 | 18,209,553 | ||
Noncurrent finance receivables, net | 9,012,222 | 8,642,947 | ||
Investments and other assets | 11,707,160 | 10,834,680 | ||
Property, plant and equipment | 10,197,109 | 9,740,417 | 9,295,719 | |
Total assets | 48,750,186 | 47,427,597 | 47,729,830 | |
Current liabilities | ||||
Short-term borrowings | 4,953,682 | 4,698,134 | ||
Current portion of long-term debt | 4,290,449 | 3,822,954 | ||
Accounts payable | 2,566,382 | 2,389,515 | ||
Accrued expenses | 3,137,827 | 2,726,120 | ||
Income taxes payable | 223,574 | 343,325 | ||
Other current liabilities | 1,210,113 | 1,104,131 | ||
Total current liabilities | 17,318,965 | 16,124,456 | ||
Long-term liabilities | ||||
Long-term debt | 9,911,596 | 9,772,065 | ||
Accrued pension and severance costs | 905,070 | 904,911 | ||
Other long-term liabilities | 521,876 | 491,890 | ||
Total long-term liabilities | 12,762,268 | 13,214,955 | ||
Total liabilities | 30,081,233 | 29,339,411 | ||
Mezzanine equity | 485,877 | 479,779 | ||
Total Toyota Motor Corporation shareholders' equity | 17,514,812 | 16,746,935 | ||
Noncontrolling interests | 668,264 | 861,472 | ||
Total shareholders' equity | 18,183,076 | 17,608,407 | 17,647,329 | 15,218,987 |
Total liabilities, mezzanine equity and shareholders' equity | 48,750,186 | 47,427,597 | ||
Eliminations | ||||
Current assets | ||||
Total assets | (999,385) | (932,478) | ||
Long-term liabilities | ||||
Total liabilities | (999,392) | (934,491) | ||
Non Financial Services Businesses | ||||
Current assets | ||||
Cash and cash equivalents | 2,257,064 | 2,318,152 | 1,680,994 | 1,411,860 |
Marketable securities | 1,439,944 | 1,210,427 | ||
Trade accounts and notes receivable, less allowance for doubtful accounts | 2,191,594 | 2,089,216 | ||
Inventories | 2,388,394 | 2,061,113 | ||
Prepaid expenses and other current assets | 1,988,016 | 3,341,150 | ||
Total current assets | 10,265,012 | 11,020,058 | ||
Investments and other assets | 11,276,128 | 10,204,760 | ||
Property, plant and equipment | 5,700,818 | 5,426,247 | ||
Total assets | 27,241,958 | 26,651,065 | ||
Current liabilities | ||||
Short-term borrowings | 669,947 | 586,685 | ||
Current portion of long-term debt | 196,227 | 117,484 | ||
Accounts payable | 2,540,078 | 2,356,355 | ||
Accrued expenses | 3,038,218 | 2,640,128 | ||
Income taxes payable | 203,101 | 334,490 | ||
Other current liabilities | 1,512,662 | 1,527,024 | ||
Total current liabilities | 8,160,233 | 7,562,166 | ||
Long-term liabilities | ||||
Long-term debt | 590,366 | 584,793 | ||
Accrued pension and severance costs | 890,684 | 891,405 | ||
Other long-term liabilities | 1,206,427 | 1,690,460 | ||
Total long-term liabilities | 2,687,477 | 3,166,658 | ||
Total liabilities | 10,847,710 | 10,728,824 | ||
Financial Services Business | ||||
Current assets | ||||
Cash and cash equivalents | 738,011 | 621,276 | ¥ 603,563 | ¥ 629,310 |
Marketable securities | 381,654 | 300,962 | ||
Finance receivables, net | 6,196,649 | 5,912,684 | ||
Prepaid expenses and other current assets | 831,924 | 895,257 | ||
Total current assets | 8,148,238 | 7,730,179 | ||
Noncurrent finance receivables, net | 9,012,222 | 8,642,947 | ||
Investments and other assets | 850,862 | 1,021,714 | ||
Property, plant and equipment | 4,496,291 | 4,314,170 | ||
Total assets | 22,507,613 | 21,709,010 | ||
Current liabilities | ||||
Short-term borrowings | 4,605,389 | 4,418,483 | ||
Current portion of long-term debt | 4,129,005 | 3,715,195 | ||
Accounts payable | 33,283 | 40,094 | ||
Accrued expenses | 117,773 | 109,246 | ||
Income taxes payable | 20,473 | 8,835 | ||
Other current liabilities | 833,813 | 814,298 | ||
Total current liabilities | 9,739,736 | 9,106,151 | ||
Long-term liabilities | ||||
Long-term debt | 9,491,504 | 9,343,632 | ||
Accrued pension and severance costs | 14,386 | 13,506 | ||
Other long-term liabilities | 987,289 | 1,081,789 | ||
Total long-term liabilities | 10,493,179 | 10,438,927 | ||
Total liabilities | ¥ 20,232,915 | ¥ 19,545,078 |
Segment data (Statements of Inc
Segment data (Statements of Income - Non-financial Services and Financial Services Businesses) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenues | ¥ 27,597,193 | ¥ 28,403,118 | ¥ 27,234,521 |
Costs and expenses | |||
Selling, general and administrative | 2,868,485 | 2,943,682 | 2,642,281 |
Total costs and expenses | 25,602,821 | 25,549,147 | 24,483,957 |
Operating income | 1,994,372 | 2,853,971 | 2,750,564 |
Other income (expense), net | 199,453 | 129,410 | 142,264 |
Income before income taxes and equity in earnings of affiliated companies | 2,193,825 | 2,983,381 | 2,892,828 |
Provision for income taxes | 628,900 | 878,269 | 893,469 |
Equity in earnings of affiliated companies | 362,060 | 329,099 | 308,545 |
Net income | 1,926,985 | 2,434,211 | 2,307,904 |
Less - Net income attributable to noncontrolling interests | (95,876) | (121,517) | (134,566) |
Net income attributable to Toyota Motor Corporation | 1,831,109 | 2,312,694 | 2,173,338 |
Eliminations | |||
Costs and expenses | |||
Net income attributable to Toyota Motor Corporation | 147 | 300 | (22) |
Non Financial Services Businesses | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenues | 25,845,453 | 26,581,102 | 25,643,508 |
Costs and expenses | |||
Cost of revenues | 21,557,194 | 21,474,386 | 20,933,168 |
Selling, general and administrative | 2,511,647 | 2,589,082 | 2,319,262 |
Total costs and expenses | 24,068,841 | 24,063,468 | 23,252,430 |
Operating income | 1,776,612 | 2,517,634 | 2,391,078 |
Other income (expense), net | 200,370 | 117,930 | 136,797 |
Income before income taxes and equity in earnings of affiliated companies | 1,976,982 | 2,635,564 | 2,527,875 |
Provision for income taxes | 562,452 | 752,248 | 763,445 |
Equity in earnings of affiliated companies | 360,130 | 327,167 | 306,749 |
Net income | 1,774,660 | 2,210,483 | 2,071,179 |
Less - Net income attributable to noncontrolling interests | (89,337) | (117,544) | (130,172) |
Net income attributable to Toyota Motor Corporation | 1,685,323 | 2,092,939 | 1,941,007 |
Financial Services Business | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenues | 1,823,600 | 1,896,224 | 1,661,149 |
Costs and expenses | |||
Cost of revenues | 1,221,268 | 1,181,437 | 955,380 |
Selling, general and administrative | 379,904 | 375,561 | 343,936 |
Total costs and expenses | 1,601,172 | 1,556,998 | 1,299,316 |
Operating income | 222,428 | 339,226 | 361,833 |
Other income (expense), net | (5,618) | 8,579 | 3,190 |
Income before income taxes and equity in earnings of affiliated companies | 216,810 | 347,805 | 365,023 |
Provision for income taxes | 66,583 | 126,319 | 130,049 |
Equity in earnings of affiliated companies | 1,930 | 1,932 | 1,796 |
Net income | 152,157 | 223,418 | 236,770 |
Less - Net income attributable to noncontrolling interests | (6,518) | (3,963) | (4,417) |
Net income attributable to Toyota Motor Corporation | ¥ 145,639 | ¥ 219,455 | ¥ 232,353 |
Segment data (Statement of Cash
Segment data (Statement of Cash Flows - Non-financial Services and Financial Services Businesses) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | |||
Net income | ¥ 1,926,985 | ¥ 2,434,211 | ¥ 2,307,904 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 1,610,950 | 1,625,837 | 1,409,075 |
Provision for doubtful accounts and credit losses | 98,666 | 159,265 | 78,969 |
Pension and severance costs, less payments | 23,253 | 8,833 | (3,161) |
Losses on disposal of fixed assets | 30,673 | 33,329 | 31,625 |
Unrealized losses on available-for-sale securities, net | 7,073 | 9,272 | 2,578 |
Deferred income taxes | (53,299) | 32,889 | (26,887) |
Equity in earnings of affiliated companies | (362,060) | (329,099) | (308,545) |
Changes in operating assets and liabilities, and other | 131,996 | 486,320 | 194,195 |
Net cash provided by operating activities | 3,414,237 | 4,460,857 | 3,685,753 |
Cash flows from investing activities | |||
Additions to finance receivables | (13,636,694) | (13,549,278) | (13,126,596) |
Collection of and proceeds from sales of finance receivables | 12,927,981 | 13,115,854 | 12,450,388 |
Additions to fixed assets excluding equipment leased to others | (1,223,878) | (1,282,545) | (1,146,318) |
Additions to equipment leased to others | (2,317,559) | (2,776,671) | (2,211,250) |
Proceeds from sales of fixed assets excluding equipment leased to others | 41,238 | 42,147 | 41,547 |
Proceeds from sales of equipment leased to others | 1,238,278 | 1,111,727 | 803,423 |
Purchases of marketable securities and security investments | (2,517,008) | (2,197,477) | (3,194,294) |
Proceeds from sales of and maturity of marketable securities and security investments | 1,901,541 | 3,415,815 | 2,683,001 |
Payment for additional investments in affiliated companies, net of cash acquired | 44,274 | 628 | |
Changes in investments and other assets, and other | 571,888 | (1,062,744) | (113,391) |
Net cash used in investing activities | (2,969,939) | (3,182,544) | (3,813,490) |
Cash flows from financing activities | |||
Proceeds from issuance of long-term debt | 4,603,446 | 4,845,872 | 5,029,018 |
Payments of long-term debt | (3,845,554) | (4,176,202) | (3,462,237) |
Increase (decrease) in short-term borrowings | 273,037 | (10,903) | (288,724) |
Proceeds from issuance of class shares | 474,917 | ||
Dividends paid to Toyota Motor Corporation class shareholders | (3,697) | (1,225) | |
Dividends paid to Toyota Motor Corporation common shareholders | (634,475) | (704,728) | (554,933) |
Dividends paid to noncontrolling interests | (63,936) | (73,129) | (69,295) |
Reissuance (repurchase) of treasury stock, and other | (703,986) | (778,173) | (347,784) |
Net cash provided by (used in) financing activities | (375,165) | (423,571) | 306,045 |
Effect of exchange rate changes on cash and cash equivalents | (13,486) | (199,871) | 65,079 |
Net increase (decrease) in cash and cash equivalents | 55,647 | 654,871 | 243,387 |
Cash and cash equivalents at beginning of year | 2,939,428 | 2,284,557 | 2,041,170 |
Cash and cash equivalents at end of year | 2,995,075 | 2,939,428 | 2,284,557 |
Non Financial Services Businesses | |||
Cash flows from operating activities | |||
Net income | 1,774,660 | 2,210,483 | 2,071,179 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 939,795 | 927,846 | 844,456 |
Provision for doubtful accounts and credit losses | 6,519 | 69,029 | (1,598) |
Pension and severance costs, less payments | 21,796 | 8,300 | (5,263) |
Losses on disposal of fixed assets | 30,461 | 33,293 | 31,601 |
Unrealized losses on available-for-sale securities, net | 4,422 | 3,217 | 2,565 |
Deferred income taxes | (59,668) | (43,237) | (114,122) |
Equity in earnings of affiliated companies | (360,130) | (327,167) | (306,749) |
Changes in operating assets and liabilities, and other | 206,455 | 386,529 | 356,269 |
Net cash provided by operating activities | 2,564,310 | 3,268,293 | 2,878,338 |
Cash flows from investing activities | |||
Additions to fixed assets excluding equipment leased to others | (1,206,738) | (1,265,174) | (1,133,102) |
Additions to equipment leased to others | (152,550) | (155,931) | (137,985) |
Proceeds from sales of fixed assets excluding equipment leased to others | 40,189 | 41,154 | 40,032 |
Proceeds from sales of equipment leased to others | 72,659 | 60,989 | 40,878 |
Purchases of marketable securities and security investments | (2,104,202) | (1,302,965) | (2,530,591) |
Proceeds from sales of and maturity of marketable securities and security investments | 1,435,267 | 2,471,876 | 2,198,799 |
Payment for additional investments in affiliated companies, net of cash acquired | 44,274 | 628 | |
Changes in investments and other assets, and other | 582,649 | (1,371,996) | (114,094) |
Net cash used in investing activities | (1,288,452) | (1,521,419) | (1,636,063) |
Cash flows from financing activities | |||
Proceeds from issuance of long-term debt | 111,727 | 110,691 | 119,449 |
Payments of long-term debt | (82,840) | (71,758) | (100,627) |
Increase (decrease) in short-term borrowings | 51,523 | 75,990 | (47,026) |
Proceeds from issuance of class shares | 474,917 | ||
Dividends paid to Toyota Motor Corporation class shareholders | (3,697) | (1,225) | |
Dividends paid to Toyota Motor Corporation common shareholders | (634,475) | (704,728) | (554,933) |
Dividends paid to noncontrolling interests | (63,936) | (73,129) | (69,295) |
Reissuance (repurchase) of treasury stock, and other | (703,986) | (778,173) | (347,784) |
Net cash provided by (used in) financing activities | (1,325,684) | (967,415) | (1,000,216) |
Effect of exchange rate changes on cash and cash equivalents | (11,262) | (142,301) | 27,075 |
Net increase (decrease) in cash and cash equivalents | (61,088) | 637,158 | 269,134 |
Cash and cash equivalents at beginning of year | 2,318,152 | 1,680,994 | 1,411,860 |
Cash and cash equivalents at end of year | 2,257,064 | 2,318,152 | 1,680,994 |
Financial Services Business | |||
Cash flows from operating activities | |||
Net income | 152,157 | 223,418 | 236,770 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 671,155 | 697,991 | 564,619 |
Provision for doubtful accounts and credit losses | 92,147 | 90,236 | 80,567 |
Pension and severance costs, less payments | 1,457 | 533 | 2,102 |
Losses on disposal of fixed assets | 212 | 36 | 24 |
Unrealized losses on available-for-sale securities, net | 2,651 | 6,055 | 13 |
Deferred income taxes | 6,504 | 76,423 | 87,260 |
Equity in earnings of affiliated companies | (1,930) | (1,932) | (1,796) |
Changes in operating assets and liabilities, and other | 103,840 | 148,376 | (191,791) |
Net cash provided by operating activities | 1,028,193 | 1,241,136 | 777,768 |
Cash flows from investing activities | |||
Additions to finance receivables | (22,894,114) | (23,399,113) | (22,325,159) |
Collection of and proceeds from sales of finance receivables | 22,006,010 | 22,918,132 | 21,668,847 |
Additions to fixed assets excluding equipment leased to others | (17,140) | (17,371) | (13,216) |
Additions to equipment leased to others | (2,165,009) | (2,620,740) | (2,073,265) |
Proceeds from sales of fixed assets excluding equipment leased to others | 1,049 | 993 | 1,515 |
Proceeds from sales of equipment leased to others | 1,165,619 | 1,050,738 | 762,545 |
Purchases of marketable securities and security investments | (412,806) | (894,512) | (663,703) |
Proceeds from sales of and maturity of marketable securities and security investments | 466,274 | 943,939 | 484,202 |
Changes in investments and other assets, and other | (60,345) | 296,788 | (9,669) |
Net cash used in investing activities | (1,910,462) | (1,721,146) | (2,167,903) |
Cash flows from financing activities | |||
Proceeds from issuance of long-term debt | 4,541,541 | 4,815,323 | 4,960,157 |
Payments of long-term debt | (3,773,644) | (4,127,178) | (3,373,842) |
Increase (decrease) in short-term borrowings | 233,331 | (132,852) | (259,931) |
Net cash provided by (used in) financing activities | 1,001,228 | 555,293 | 1,326,384 |
Effect of exchange rate changes on cash and cash equivalents | (2,224) | (57,570) | 38,004 |
Net increase (decrease) in cash and cash equivalents | 116,735 | 17,713 | (25,747) |
Cash and cash equivalents at beginning of year | 621,276 | 603,563 | 629,310 |
Cash and cash equivalents at end of year | ¥ 738,011 | ¥ 621,276 | ¥ 603,563 |
Per share amounts (Reconciliati
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, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share Disclosure [Line Items] | |||
Net income attributable to Toyota Motor Corporation | ¥ 1,831,109 | ¥ 2,312,694 | ¥ 2,173,338 |
Accretion to Mezzanine equity | (4,849) | (3,638) | |
Dividends to Toyota Motor Corporation Model AA Class Shareholders | (4,946) | (2,449) | |
Net income attributable to Toyota Motor Corporation, basic | 1,821,314 | 2,306,607 | 2,173,338 |
Effect of dilutive securities | |||
Model AA Class Shares | 9,795 | 6,087 | |
Assumed exercise of dilutive stock options | (6) | (21) | (42) |
Net income attributable to Toyota Motor Corporation, diluted | ¥ 1,831,103 | ¥ 2,312,673 | ¥ 2,173,296 |
Weighted-average shares, basic | 3,008,088 | 3,111,306 | 3,158,851 |
Effect of dilutive securities | |||
Model AA Class Shares | 47,100 | 32,429 | |
Assumed exercise of dilutive stock options | 638 | 1,212 | 1,578 |
Weighted-average shares, diluted | 3,055,826 | 3,144,947 | 3,160,429 |
Net income attributable to Toyota Motor Corporation per share, basic | ¥ 605.47 | ¥ 741.36 | ¥ 688.02 |
Net income attributable to Toyota Motor Corporation per share, diluted | ¥ 599.22 | ¥ 735.36 | ¥ 687.66 |
Per Share Amounts - Additional
Per Share Amounts - Additional Information (Detail) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock option excluded from diluted net income attributable to Toyota Motor Corporation per common share | 0 | 0 | 733 |
Per share amounts (Toyota Motor
Per share amounts (Toyota Motor Corporation Shareholders' Equity Per Share) (Detail) - JPY (¥) ¥ / shares in Units, shares in Thousands, ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Total Toyota Motor Corporation shareholders' equity | ¥ 17,514,812 | ¥ 16,746,935 |
Common shares issued and outstanding at the end of the year (excluding treasury stock) | 2,974,723 | 3,037,676 |
Toyota Motor Corporation shareholders' equity per share | ¥ 5,887.88 | ¥ 5,513.08 |
Fair value measurements (Fair V
Fair value measurements (Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Assets | ||
Derivative financial instruments | ¥ 243,421 | ¥ 366,811 |
Liabilities | ||
Derivative financial instruments | (245,457) | (244,287) |
Fair Value, Measurements, Recurring | ||
Assets | ||
Cash equivalents | 933,482 | 1,016,525 |
Time deposits | 600,000 | 600,000 |
Derivative financial instruments | 243,421 | 366,811 |
Total | 11,176,236 | 10,842,330 |
Liabilities | ||
Derivative financial instruments | (245,457) | (244,287) |
Total | (245,457) | (244,287) |
Fair Value, Measurements, Recurring | Public and Corporate Bonds | ||
Assets | ||
Marketable securities and other securities investments | 5,885,831 | 5,951,581 |
Fair Value, Measurements, Recurring | Common stocks | ||
Assets | ||
Marketable securities and other securities investments | 2,686,934 | 2,558,931 |
Fair Value, Measurements, Recurring | Other Investments | ||
Assets | ||
Marketable securities and other securities investments | 91,437 | 151,267 |
Fair Value, Measurements, Recurring | Investments | ||
Assets | ||
Marketable securities and other securities investments | 735,131 | 197,215 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets | ||
Cash equivalents | 41,876 | 100,841 |
Total | 7,544,500 | 7,654,623 |
Level 1 | Fair Value, Measurements, Recurring | Public and Corporate Bonds | ||
Assets | ||
Marketable securities and other securities investments | 4,797,499 | 4,911,769 |
Level 1 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets | ||
Marketable securities and other securities investments | 2,686,934 | 2,558,931 |
Level 1 | Fair Value, Measurements, Recurring | Other Investments | ||
Assets | ||
Marketable securities and other securities investments | 18,191 | 83,082 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets | ||
Cash equivalents | 891,606 | 915,684 |
Time deposits | 600,000 | 600,000 |
Derivative financial instruments | 243,334 | 362,388 |
Total | 2,887,571 | 2,975,735 |
Liabilities | ||
Derivative financial instruments | (237,848) | (242,713) |
Total | (237,848) | (242,713) |
Level 2 | Fair Value, Measurements, Recurring | Public and Corporate Bonds | ||
Assets | ||
Marketable securities and other securities investments | 1,079,385 | 1,029,478 |
Level 2 | Fair Value, Measurements, Recurring | Other Investments | ||
Assets | ||
Marketable securities and other securities investments | 73,246 | 68,185 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets | ||
Derivative financial instruments | 87 | 4,423 |
Total | 9,034 | 14,757 |
Liabilities | ||
Derivative financial instruments | (7,609) | (1,574) |
Total | (7,609) | (1,574) |
Level 3 | Fair Value, Measurements, Recurring | Public and Corporate Bonds | ||
Assets | ||
Marketable securities and other securities investments | ¥ 8,947 | ¥ 10,334 |
Fair value measurements - Addit
Fair value measurements - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Level 3 | ||
Fair Value Measurements [Line Items] | ||
Finance receivables, fair value | ¥ 47,999 | ¥ 57,505 |
Level 3 | Financing receivable | ||
Fair Value Measurements [Line Items] | ||
Fair value, assets measured on nonrecurring basis, gain (loss) | ¥ 2,405 | ¥ 249 |
Japanese bonds | Available-for-sale Securities | Public and Corporate Bonds | ||
Fair Value Measurements [Line Items] | ||
Percentage of Assets | 28.00% | 37.00% |
U.S., European and other bonds | Available-for-sale Securities | Public and Corporate Bonds | ||
Fair Value Measurements [Line Items] | ||
Percentage of Assets | 72.00% | 63.00% |
Japan | Available-for-sale Securities | Common stocks | ||
Fair Value Measurements [Line Items] | ||
Percentage of Assets | 92.00% | 90.00% |
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 | |
Minimum | Level 2 | Time Deposit | ||
Fair Value Measurements [Line Items] | ||
Negotiable certificate of deposit original maturities | 3 months |
Fair value measurements (Change
Fair value measurements (Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Balance at beginning of year | ¥ 13,183 | ¥ 13,327 | ¥ 16,636 |
Total gains (losses) | |||
Included in income (loss) | (7,326) | 2,508 | (5,986) |
Included in other comprehensive income (loss) | 60 | (286) | 227 |
Purchases and issuances | 1,126 | 931 | 4,055 |
Settlements | (4,975) | (1,930) | (4,083) |
Other | (643) | (1,367) | 2,478 |
Balance at end of year | 1,425 | 13,183 | 13,327 |
Derivative financial instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Balance at beginning of year | 2,849 | 1,010 | 7,544 |
Total gains (losses) | |||
Included in income (loss) | (7,310) | 2,507 | (5,953) |
Settlements | (2,693) | (479) | (1,169) |
Other | (368) | (189) | 588 |
Balance at end of year | (7,522) | 2,849 | 1,010 |
Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Balance at beginning of year | 10,334 | 12,317 | 9,092 |
Total gains (losses) | |||
Included in income (loss) | (16) | 1 | (33) |
Included in other comprehensive income (loss) | 60 | (286) | 227 |
Purchases and issuances | 1,126 | 931 | 4,055 |
Settlements | (2,282) | (1,451) | (2,914) |
Other | (275) | (1,178) | 1,890 |
Balance at end of year | ¥ 8,947 | ¥ 10,334 | ¥ 12,317 |