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"f13618": {
"value": "1. Reporting entity
TMC is a limited liability, joint-stock company located in Japan, and TMC\u2019s principal executive offices are
registered in Toyota City, Aichi Prefecture. The consolidated financial statements of the group consist of TMC,
its consolidated subsidiaries (collectively, \u201cToyota\u201d) and their interests in associates and joint ventures.
Toyota and its associates are primarily engaged in the design, manufacture, and sale of sedans, minivans,
compact cars, SUVs, trucks and related parts and accessories throughout the world. In addition, Toyota and its
associates provide financing, vehicle 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 associates.
2. Basis of preparation
(1) Compliance with international financial reporting standards
Toyota\u2019s consolidated financial statements have been prepared in accordance with IFRS as issued by the
IASB.
The consolidated financial statements were approved on June 30, 2023 by President, member of the Board
of Directors Koji Sato and CFO, member of the Board of Directors Yoichi Miyazaki.
(2) Basis of measurement
Toyota\u2019s consolidated financial statements have been prepared on a historical cost basis, except for certain
financial assets and liabilities measured at fair value and assets and liabilities associated with defined benefit
plans indicated in \u201c3. Significant accounting policies\u201d.
(3) Functional currency and presentation currency
The consolidated financial statements are presented in Japanese yen, which is the functional currency of
TMC. All financial information presented in Japanese yen has been rounded to the nearest million Japanese yen,
except when otherwise indicated. Amounts may not sum to totals due to rounding.
3. Significant accounting policies
Basis of consolidation -
(1) Subsidiaries
The consolidated financial statements include the accounts of TMC, its subsidiaries that are controlled by
TMC, and those structured entities that are controlled by Toyota. Toyota controls an entity when Toyota is
exposed or has rights to variable returns from involvement with the entity, and has the ability to affect those
returns by using its power over the entity.
The financial statements of subsidiaries have been adjusted in order to ensure consistency with the
accounting policies adopted by Toyota as necessary. All significant intercompany balances and transactions as
well as the unrealized profit have been eliminated in consolidation.
Changes in a subsidiary\u2019s ownership interests that do not result in a loss of control are accounted for as
equity transactions. When control over a subsidiary is lost, any gain or loss on the disposal of the interest sold is
recognized in profit or loss.
F-11
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(2) Associates and joint ventures
Associates are entities over which Toyota has a significant influence over the decisions on financial and
operating policies, but does not have control or joint control.
Joint ventures are entities over which two or more parties including Toyota have joint control, based on a
contractual arrangement, and financial and business decisions about the relevant activities of which require
unanimous consent of the parties that have joint control.
Investments in associates and joint ventures are accounted for using the equity method. The financial
statements of associates and joint ventures have been adjusted in order to ensure consistency with the accounting
policies adopted by Toyota as necessary.
When the use of the equity method is discontinued from the date when the investees are determined to be no
longer associates or joint ventures, any gain or loss on such disposal of the investment is recognized in profit or
loss.
Foreign currency translation -
(1) Foreign currency transactions
Foreign currency transactions are translated into the respective functional currencies of Toyota at the
exchange rates prevailing when such transactions occur. All foreign currency receivables and payables are
translated into the respective functional currencies at the applicable exchange rates at the end of the reporting
period. Non-monetary assets and liabilities in foreign currencies that are measured at fair value are translated into
the functional currency using the exchange rate on the date when the fair value was measured. Gains or losses on
exchange differences arising from settlement of foreign currency receivables and payables or on their translations
at the end of the reporting date are recognized in profit or loss. Furthermore, exchange differences arising from
equity financial assets measured at fair value through other comprehensive income is recognized as other
comprehensive income.
(2) Foreign operations
All assets and liabilities of foreign subsidiaries, associates and joint ventures (collectively, \u201cforeign
operations\u201d) that use a functional currency other than Japanese yen are translated into Japanese yen at the
exchange rates at the end of the reporting period. All revenues and expenses of foreign operations are translated
into Japanese yen at the average exchange rate for the period unless the exchange rate fluctuates widely.
Exchange differences arising from such translations are recognized in other comprehensive income and
accumulated in other components of equity in the consolidated statement of financial position. When a foreign
operation is disposed of, and control, significant influence or joint control over the foreign operation is lost, the
cumulative amount of exchange differences relating to the foreign operation is reclassified from equity to profit
or loss.
Cash and cash equivalents -
Cash and cash equivalents consist of cash on hand, demand deposits, and short-term investments that are
readily convertible to cash and are subject to insignificant risk of changes in value with three months or less
maturities from the acquisition date.
F-12
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Financial instruments -
(1) Financial assets
(i) Initial recognition and measurement
Toyota initially recognizes financial assets when it becomes a party to a contract and except for derivatives,
classifies financial assets into \u201cfinancial assets measured at amortized cost\u201d, \u201cdebt and equity financial assets
measured at fair value through other comprehensive income\u201d or \u201cfinancial assets measured at fair value through
profit or loss\u201d. The sale or purchase of financial assets that occurred in the normal course of business are
recognized and derecognized at the trade date.
Financial assets classified as being measured at fair value through profit or loss are measured at fair value,
but other financial assets are initially recognized and measured at fair value adding transaction costs directly
attributable to acquisition. Trade receivables that do not contain significant financial elements are measured at
the transaction price.
(a) Financial assets measured at amortized cost
Toyota classifies a financial asset as measured at amortized cost if both of the following conditions are met:
The asset is held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows; and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
(b) Debt financial assets measured at fair value through other comprehensive income
Debt financial assets are measured at fair value through other comprehensive income only if it meets both of
the following conditions:
The asset is held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets; and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
(c) Equity financial assets measured at fair value through other comprehensive income
For equity financial assets such as shares held mainly for the purpose of maintaining or enhancing business
relationships with investees are irrevocably designated at initial recognition, as financial assets measured at fair
value through other comprehensive income.
(d) Financial assets measured at fair value through profit or loss
Financial assets other than (a) to (c) are classified as financial assets measured at fair value through profit or
loss.
(ii) Subsequent measurement
After initial recognition, financial assets are measured based on the following classification.
F-13
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(a) Financial assets measured at amortized cost
Financial assets measured at amortized cost are measured at amortized cost using the effective interest
method.
(b) Debt financial assets measured at fair value through other comprehensive income
Subsequent changes in fair value of the financial assets are recognized as other comprehensive income.
Impairment gains or losses, interest income and foreign exchange gains and losses are recognized in profit or
loss. When the financial assets are derecognized, the cumulative gain or loss recognized in other comprehensive
income is reclassified from other components of equity to profit or loss.
(c) Equity financial assets measured at fair value through other comprehensive income
Subsequent changes in fair value of the financial assets are recognized as other comprehensive income.
When the financial assets are derecognized, the cumulative gain or loss recognized through other comprehensive
income is reclassified from other components of equity to retained earnings. Dividends from equity financial
assets are recognized in profit or loss.
(d) Financial assets measured at fair value through profit or loss
Subsequent changes in the fair value of the financial assets are recognized in profit or loss.
(iii) Impairment of financial assets
An allowance for credit losses is provided for expected credit losses on financial assets that are measured at
amortized cost as well as debt financial assets measured at fair value through other comprehensive income. An
allowance for credit losses is also provided for expected credit losses on loan commitments or financial guarantee
agreements that are off-balance sheet credit exposures.
At the end of the reporting period, Toyota assesses whether the credit risk on financial assets have
significantly increased since initial recognition. At the end of the reporting period, if Toyota identifies a
significant increase in credit risk, allowances for credit losses are measured as being equal to the amount of
expected credit losses that would result from default events that are possible over the expected life of a financial
asset. At the end of the reporting period, if the credit risk for a financial instrument has not increased
significantly since its initial recognition, allowances for credit losses are measured as being equal to the amount
of the expected credit losses caused by default events that may occur within 12 months from the end of the
reporting period.
For accounts receivable that are included in \u201cTrade accounts and other receivables\u201d and finance lease
receivables, the allowance is continuously measured at amounts equal to expected credit losses over the expected
life of financial assets.
The amount of expected credit losses is measured as the present value of all cash short falls resulting from
the difference between the cash flows due to Toyota in accordance with the contract and cash flows that Toyota
expects to receive, and such amount is recognized in profit or loss. A reversal of the allowance for credit losses
resulting from a reduction in the amount of expected credit losses is recognized in profit or loss.
If there is objective evidence of impairment such as significant financial difficulty of a borrower, or a
default or delinquency by a borrower, interest income is measured applying the effective interest method to the
F-14
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
net carrying amount of the financial asset (after deducting the allowance for credit loss). Financial assets are
written off either partially or fully when there is no reasonable expectation of recovering a financial asset in its
entirely or a portion thereof.
(iv) Derecognition of financial assets
Toyota derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or
when Toyota transfers the contractual right to receive cash flows from financial assets in transactions in which
substantially all the risks and rewards of ownership of the asset are transferred to another entity. Even if Toyota
transfers a financial asset, it neither transfers nor holds substantially all the risks and rewards of ownership of
such transferred financial asset. Further, in cases where Toyota continues to control such a transferred financial
asset, Toyota recognizes the retained interest on such financial asset and the relevant liabilities that might
possibly be paid in association therewith.
(2) Financial liabilities
(i) Initial recognition and measurement
Toyota initially measures financial liabilities other than derivatives at fair value less transaction costs
directly attributable to the issuance of financial liabilities.
(ii) Subsequent measurement
Toyota subsequently measures financial liabilities at amortized cost using the effective interest method.
Amortization under the effective interest method and gain or losses on derecognition are recognized as finance
income or costs and recognized in profit or loss.
(iii) Derecognition of financial liabilities
Toyota derecognizes financial liabilities when the financial liabilities expire, that is, when the liability
identified in the contract expires due to performance, discharges, cancels, or expires.
(3) Derivative financial instruments
Toyota employs derivative financial instruments, including forward foreign 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 transactions are
measured at fair value as assets or liabilities.
Toyota does not use derivative financial instruments for speculative or trading purposes.
Finance receivables -
Finance receivables recorded on Toyota\u2019s consolidated statement of financial position are net of any
unearned financial 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.
F-15
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The determination of finance receivable portfolios is based primarily on the qualitative consideration of the
nature of Toyota\u2019s business operations and finance receivables. The three portfolios within finance receivables
are as follows:
(1) Retail receivables portfolio
The retail receivables portfolio consists of retail installment sales contracts acquired mainly from dealers
(\u201cauto loans\u201d) 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 manages the retail receivables portfolio as one portfolio based on common risk characteristics
associated with the underlying finance receivables, the similarity of the credit risks, and the quantitative
materiality.
(2) Finance lease receivables portfolio
Finance lease receivables are related to new vehicle lease contracts. 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
manages
the
finance
lease
receivables
portfolio
as
one
portfolio
based
on
common
risk
characteristics associated with the underlying finance receivables and the similarity of the credit risks.
(3) Wholesale and other dealer loan receivables portfolio
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.
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 manages the wholesale and other dealer loan receivables portfolio as one portfolio based on the risk
characteristics associated with the underlying finance receivables.
Allowance for credit losses on finance receivables -
The allowance for credit losses on finance receivables is measured at the portfolio level, based on a
systematic, ongoing review and evaluation performed as part of the credit risk evaluation process, historical loss
F-16
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
experience, the size and composition of the portfolios, current economic events and conditions, the estimated fair
value and adequacy of collateral, forward-looking information including movements of the world economy and
other pertinent factors. Furthermore, portfolios are grouped based on similarities of risk characteristics, such as
product and collateral classes, when calculating expected credit losses in the aggregate.
(1) Retail receivables portfolio
With respect to retail receivables, Toyota reviews whether the credit risk on finance receivables has
increased significantly. To evaluate the risk, Toyota uses the changes for the possibility of a credit loss occurring
or days in arrears as an index. Toyota assesses the significant increases in credit risk when contractual payments
are more than 30 days past due. When the credit risk on finance receivables has not increased significantly since
initial recognition, Toyota measures the loss allowance for that finance receivables at an amount equal to
12-month expected credit losses at the reporting date.
Meanwhile, Toyota measures the loss allowance for finance receivables at an amount equal to the lifetime
expected credit losses if the credit risk on that finance receivables has increased significantly since initial
recognition at the reporting date. Toyota calculates the loss allowance for finance receivables at an amount equal
to the lifetime expected credit losses by considering historical credit loss experience and future collectability,
when there is evidence that finance receivables is credit-impaired such as a breach of contract due to default or
delayed contractual payments.
In calculating expected credit losses, Toyota uses the probability of a default and the loss rate in the event of
a default based on past experience and then reflects its forecasts of current and future economic conditions.
Suspension of payment over a certain period of time and or situations which contractual obligations are not
being met are considered as being in default in accordance with internal management rules.
(2) Finance lease receivables portfolio
With respect to the finance lease receivables portfolio, Toyota always measures loss allowance at an amount
equal to lifetime expected credit losses. Suspension of payment over a certain period of time and/or situations
which contractual obligations are not being met are considered as being in default in accordance with internal
management rules.
(3) Wholesale and other dealer loan receivables portfolio
With respect to the wholesale and other dealer loan receivables portfolio, receivables are sorted primarily by
credit qualities based on internal risk assessments. Toyota reviews the change of the segment as an index whether
the credit risk on finance receivables has increased significantly since initial recognition to assess these
receivables for credit risk. Toyota assesses the significant increases in credit risk when contractual payments are
more than 30 days past due. If the credit risk on finance receivables has not increased significantly since initial
recognition, Toyota measures the loss allowance for that finance receivables at an amount equal to 12-month
expected credit losses at the reporting date.
Meanwhile, Toyota measures the loss allowance for finance receivables at an amount equal to the lifetime
expected credit losses if the credit risk on that finance receivables has increased significantly since initial
recognition at the reporting date. Toyota calculates the loss allowance for finance receivables at an amount equal
to the lifetime expected credit losses by considering historical credit loss experience and future collectability,
when there is evidence that finance receivables are credit-impaired such as a debtor\u2019s worsened financial
conditions, breach of contract due to default or delayed contractual payments.
F-17
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
In calculating expected credit losses, Toyota uses the probability of a default and the loss rate in the event of
a default based on past experience and then reflects its forecasts of current and future economic conditions.
Suspension of payment over a certain period of time and/or situations where contractual obligations are not
being met are considered as defaults in accordance with internal management rules.
Although Toyota considers the allowance for credit losses on finance receivables to be adequate based on
information currently available, additional provisions may be necessary due to (i) changes in management
estimates and assumptions about asset impairments, (ii) information that indicates changes in expected future
cash flows, or (iii) changes in economic and other events and conditions. Future changes in the economy that
impact the consumer confidence such as increasing interest rates and a rise in the unemployment rate as well as
higher debt balances, coupled with deterioration in actual and expected used vehicle values, could negatively
affect future operating results of the financial services operations.
Inventories -
Inventories are valued at cost, not in excess of net realizable value. Net realizable value is the estimated
selling price in the ordinary course of business less the estimated original cost and estimated selling expense to
product completion. The cost of inventories includes purchase costs, conversion costs and other costs incurred in
bringing the inventories to their present location and condition. The cost is determined principally by using the
weighted-average method.
Property, plant and equipment -
Property, plant and equipment is measured based on the cost model and carried at its cost less accumulated
depreciation and impairment losses. Expenditures relating to major renewals and improvements are capitalized;
minor replacements, maintenance and repairs are charged to current operations as incurred. Depreciation of
property, plant and equipment, except for land that is not subject to depreciation, is calculated on the straight-line
method over the estimated useful life of the respective assets according to general class, type of structure and use.
The estimated useful lives range from 2 to 65 years for buildings and from 2 to 20 years for machinery and
equipment.
The depreciation method, useful lives and residual values of property, plant and equipment are reviewed
annually at each fiscal year end, and adopted prospectively, if applicable.
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 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 lease contracts are capitalized and amortized on a straight-line method over the lease term.
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 evaluates at the end of
each reporting period the estimated residual value to cover probable estimated losses related to unguaranteed
residual values on its owned portfolio. The estimate is calculated 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. Toyota evaluates the foregoing factors, develops several potential loss scenarios, and
evaluates the estimated residual value to determine whether it is considered adequate to cover the probable range
of losses.
F-18
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
By evaluating estimated residual value, Toyota reflects in depreciation the amount it considers to be
appropriate in relation to the estimated losses on its owned portfolio.
Intangible assets -
Intangible assets are measured based on the cost model and carried at their cost less accumulated
amortization and impairment losses.
The estimated useful lives and the amortization method of intangible assets are reviewed annually at each
fiscal year end, and adopted prospectively, if appropriate.
(1) Capitalized development cost
Development expenditure for a product is capitalized only when there is a technical and commercial
feasibility of completing the development, Toyota has the intention, ability and sufficient resources to use the
outcome of the development, it is probable that the outcome will generate a future economic benefit, and the cost
can be measured reliably.
Capitalized development cost is amortized using the straight-line method over the expected product life
cycle of the developed product ranging mainly from 5 to 10 years.
(2) Other intangible assets
Other intangible assets mainly consist of software for internal use and amortized using the straight-line
method over their estimated useful lives, mainly 5 years. Goodwill is not material to Toyota\u2019s consolidated
statement of financial position.
Impairment of non-financial assets -
At the end of the reporting period, the carrying amount of non-financial assets other than inventories and
deferred tax assets are assessed to determine whether or not there is any indication of impairment. If there is such
an indication, the recoverable amount of such an asset or a cash-generating unit is estimated. An impairment loss
would be recognized when the carrying amount of an asset or a cash-generating unit exceeds the estimated
discounted cash flows expected to result from the use of the assets and its eventual disposition. The amount of
the impairment loss to be recorded is calculated by the excess of the carrying amount of the assets over its
recoverable amount.
Leases -
At the inception of a contract, Toyota assesses whether the contract is, or contains, a lease.
(1) Lessee
Toyota recognizes a right of use asset and a lease liability at the lease commencement date. The cost of the
right of use asset is measured at the amount of the initial measurement of the lease liability by adjusting any lease
payments made or before the commencement date. Lease liability is initially measured at the present value of the
lease payments that are not paid as of the commencement date.
F-19
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
After the commencement date, Toyota applies a cost model and subsequently depreciates the right of use
asset using a straight-line method from the commencement date to the earlier of the end of the useful life of the
right of use asset or the end of the lease term. Lease liability is measured at amortized cost using the effective
interest method. In the consolidated statement of financial position, lease liability is included in short-term and
long-term debt. Interest on the lease liability in each period during the lease term is the amount that produces a
constant periodic rate of interest on the remaining balance of the lease liability and recognized in profit or loss
over the lease term.
Many lease contracts relating to land and buildings entered into by Toyota include extension options that
can be exercisable by Toyota as lessee for various purposes, such as to ensure business flexibility. Toyota
assesses whether it is reasonably certain to exercise an extension option, and if it assesses it to be reasonably
certain, the extension option is included in the lease term.
Toyota recognizes the lease payments associated with lease terms of 12 months or less as an expense on a
straight-line basis over the lease term.
(2) Lessor
With respect to lessor lease transactions, Toyota determines at the commencement of the lease whether each
lease is a finance lease or operating lease.
A lease is classified as a finance lease if it transfers substantially all of the risks and rewards incidental to
the ownership of an underlying asset. Otherwise leases are classified as operating leases.
Toyota recognizes the operating lease payments in profit or loss on a straight-line basis over the lease term.
Employee benefit obligations -
Toyota has both defined benefit and defined contribution plans for employees\u2019 retirement benefits.
(1) Defined benefit plan
The present value of defined benefit obligations and service cost are principally determined for each plan
using the projected unit credit method. The net defined benefit liability (asset) is the present value of the defined
benefit obligations less the fair value of plan assets. Current service cost and net interest on the net defined
benefit liability (asset) are recognized as net income (loss) on the statement of net income.
Past service cost is recognized in profit or loss upon occurrence.
Toyota recognizes the difference arising from remeasurement of the net defined benefit liability (asset)
including actuarial gains and losses in other comprehensive income when it is incurred and reclassifies it
immediately to retained earnings.
(2) Defined contribution plan
For defined contribution plans, when the employees render services, the contribution payables are
recognized in profit or loss.
F-20
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Liabilities for quality assurance -
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. The accrued warranty costs
represent management\u2019s best estimate at the time of sale of the total costs that Toyota will incur to repair or
replace product parts that fail while still under warranty. The amount of accrued estimated warranty costs is
primarily based on historical experience of product failures as well as current information on repair costs. An
estimate of warranty claim accrued for each fiscal year is calculated based on the estimate of warranty claim per
unit. The estimate of warranty claim per unit is calculated comprehensively by dividing the actual amounts of
warranty claim by the number of sales units for the fiscal year.
Toyota accrues for costs of recalls and other safety measures, as well as product warranty cost described
above. Toyota generally measures such \u201cliabilities for recalls and other safety measures\u201d at the time of vehicle
sales comprehensively by aggregate sales of various models in a certain period by geographical regions.
However, when circumstances warrant, Toyota measures \u201cliabilities for a particular recall or other safety
measures\u201d using an individual model when they are probable and reasonably estimable.
The portion of \u201cliabilities for recalls and other safety measures\u201d recorded in the consolidated statement of
financial position is calculated comprehensively based on the \u201cexpected liability for the cost of recalls and other
safety measures\u201d in consideration of the \u201caccumulated amount of repair cost paid\u201d. As such, this liability is
evaluated every period based on new data and are adjusted as appropriate. Toyota calculates these liabilities for
units sold in the current period and each of the past 10 fiscal years, and aggregates such liabilities in determining
the final liability amount.
The \u201cexpected liability for the cost of recalls and other safety measures\u201d are calculated by multiplying the
\u201csales unit\u201d by the \u201cexpected average repair cost per unit\u201d. The \u201cexpected average repair cost per unit\u201d is
calculated based on dividing the \u201caccumulated amount of repair cost paid per unit\u201d by the \u201cpattern of payment
occurrences\u201d. The \u201cpattern of payment occurrence\u201d represents a ratio that shows the measure of payment
occurrence over 10 years based on actual payments with regard to units sold within 10 years.
Factors that may cause a difference between the amount accrued comprehensively at the time of vehicle sale
and actual payment on individual recalls and other safety measures mainly include actual cost of recalls and
safety measures during the period being significantly different from the accumulated amount of repair cost paid
per unit (generally comprised of parts and labor) and the actual pattern of payment occurrence during the period
being significantly different from the pattern of the payment occurrence in the past. Such differences are
considered as part of our estimation process for future recalls and other safety measures.
Liabilities for product warranties and liabilities for recalls and other safety measures have been combined
into \u201cLiabilities for quality assurance\u201d in the consolidated statement of financial position. Product warranty costs
and costs of recalls and other safety measures are included in cost of products sold in the consolidated statement
of income.
The foregoing evaluations are inherently uncertain, as they require material estimates as described above.
Consequently, actual warranty costs may differ from the estimated amounts and could require additional
warranty provisions. If these factors require a significant increase in Toyota\u2019s accrued estimated warranty costs,
it would negatively affect future operating results of the automotive operations.
F-21
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Revenue recognition -
In the automotive operations, performance obligations are considered to be satisfied when completed
vehicles and parts are delivered to the agreed locations with dealers. For parts for production, it is when they are
loaded on a ship or delivered to manufacturing companies. We do not have any material significant payment
terms as payment is received at or shortly after the point of sale.
Toyota\u2019s sales incentive programs principally consist of cash payments to dealers calculated based on total
vehicle volume or vehicle unit sales of certain models sold by a dealer during a certain period of time. Toyota
accrues these incentives as revenue reductions upon the sale of a vehicle corresponding to the program by the
amount determined in the related incentive program utilizing the most likely outcome method.
The sale of certain vehicles includes a contractual right, which entitles customers to free vehicle
maintenance. We use an observable price to determine the stand-alone selling price for separate performance
obligations or a cost plus margin approach when one is not available. Such revenues from free maintenance
contracts are deferred and recognized as revenue over the period of the contract in proportion to the costs
expected to be incurred in satisfying the obligations under the contract.
Revenues from the sales of vehicles under which Toyota conditionally guarantees the minimum resale value
are recognized on a pro rata basis from the date of sale to the first exercise date of the guarantee in accordance
with lease accounting. The underlying vehicles of these transactions are recorded as assets and are depreciated in
accordance with Toyota\u2019s depreciation policy.
Interest income from financial services is recognized using the effective interest method. Revenues from
operating leases are recognized on a straight-line basis over the lease term.
If the period between satisfaction of the performance obligation and receipt of consideration is expected to
be within one year or less, as a practical expedient, we do not adjust the promised amount of consideration for the
effects of a significant financing component.
Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental
authorities.
Income taxes -
Income tax expenses are presented as the aggregate amount of current taxes and deferred taxes.
Deferred tax assets and deferred tax liabilities are recognized for future tax consequences attributable to
temporary differences between the carrying amount of assets or liabilities in the consolidated statement of
financial position and the tax base of the assets or liabilities and carryforwards of unused tax losses and tax
credits.
Deferred tax assets are recognized for all future deductible amounts, to the extent that it is probable that we
will have sufficient profit to utilize the benefit of future deductible amounts.
Deferred
tax
liabilities
for
taxable
temporary
differences
arising
from
investments
in
subsidiaries,
associates, and interest in joint ventures are recognized in principle. However, they are not recognized when
Toyota is able to control the timing of the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.
F-22
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply in the
period when the assets are realized or the liabilities are settled, based on the tax rates and tax laws enacted or
substantively enacted at the end of the reporting period. The measurement of deferred tax assets and deferred tax
liabilities reflects the tax consequences that would follow from the manner in which Toyota expects, at the end of
reporting period, to recover or settle the carrying amount of its assets and liabilities.
Earnings per share attributable to Toyota Motor Corporation -
Basic earnings per share attributable to Toyota Motor Corporation is calculated by dividing net income
attributable to Toyota Motor Corporation by the weighted-average number of common shares outstanding with
adjustment for treasury stock during the reporting period. Diluted earnings per share attributable to Toyota Motor
Corporation is calculated by dividing net income attributable to Toyota Motor Corporation by the weighted-
average number of common shares outstanding taking into consideration the effect of dilutive securities.
New accounting standards and interpretations not yet adopted -
None of new or revised standards and interpretations that have been issued as of the date of approval of the
consolidated financial statements but have not yet been adopted by Toyota have a significant effect on the
consolidated financial statements.
4. Significant accounting judgments and estimates
The preparation of the consolidated financial statements in conformity with IFRS requires management to
make judgments, estimates, and assumptions that affect the application of accounting policies, the reported
amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities.
Actual results could differ from these estimates. These estimates and underlying assumptions are reviewed on a
continuous basis. Changes in these accounting estimates are recognized in the period in which the estimates were
revised and in any future periods affected.
Information about important estimation and judgments that have significant effects on the amounts
recognized in the consolidated financial statements is as follows:
Scope of subsidiaries, associates, and joint ventures (Note 3 \u201cBasis of consolidation\u201d)
Intangible assets incurred by research and development (Note 3 \u201cIntangible assets\u201d)
Information about accounting estimates and assumption that affect the application of accounting policies
and the reported amounts of assets and liabilities, and financial statements based on IFRS is as follows:
Liabilities for quality assurance (Note 3 \u201cLiabilities for quality assurance\u201d and Note 24)
Allowance for credit losses on finance receivables (Note 3 \u201cAllowance for credit losses on finance
receivables\u201d and Note 19 (2))
Impairment of non-financial assets (Note 3 \u201cImpairment of non-financial assets\u201d and Note 12)
Employee benefit obligations (Note 3 \u201cEmployee benefit obligations\u201d and Note 23)
Fair value measurements (Note 21)
Recoverability of deferred tax assets (Note 3 \u201cIncome taxes\u201d and Note 15)
F-23
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
5. Segment information
(1) Outline of reporting segments
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\u2019s 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, SUVs, trucks and related parts and accessories. The Financial services segment consists
primarily of financing and vehicle leasing operations to assist in the merchandising of Toyota\u2019s products as well
as other products. The All other segment includes telecommunications and other businesses.
(2) Segment information
As of and for the year ended March 31, 2021
Yen in millions
Automotive
Financial
services
All other
Inter-segment
Elimination/
Unallocated
Amount
Consolidated
Sales revenues
Revenues from external customers
.....
24,597,846
2,137,195
479,553
\u2014
27,214,594
Inter-segment revenues and transfers . . .
53,706
25,042
572,812
(651,560)
\u2014
Total
........................
24,651,552
2,162,237
1,052,365
(651,560)
27,214,594
Operating expenses
.....................
23,044,391
1,666,645
967,015
(661,205)
25,016,845
Operating income
......................
1,607,161
495,593
85,350
9,645
2,197,748
Total assets
...........................
21,412,034
28,275,239
2,720,720
9,859,147
62,267,140
Investments accounted for using the equity
method
.............................
3,698,990
71,336
248,814
141,664
4,160,803
Depreciation and amortization
............
893,704
715,757
34,829
\u2014
1,644,290
Capital expenditures
....................
1,341,032
2,151,455
76,370
40,843
3,609,699
F-24
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
As of and for the year ended March 31, 2022
Yen in millions
Automotive
Financial
services
All other
Inter-segment
Elimination/
Unallocated
Amount
Consolidated
Sales revenues
Revenues from external customers
.....
28,531,993
2,306,079
541,436
\u2014
31,379,507
Inter-segment revenues and transfers . . .
73,745
17,947
588,441
(680,133)
\u2014
Total
........................
28,605,738
2,324,026
1,129,876
(680,133)
31,379,507
Operating expenses
.....................
26,321,448
1,667,025
1,087,575
(692,237)
28,383,811
Operating income
......................
2,284,290
657,001
42,302
12,104
2,995,697
Total assets
...........................
24,341,737
31,681,472
3,091,011
8,574,551
67,688,771
Investments accounted for using the equity
method
.............................
4,354,085
79,414
258,750
145,646
4,837,895
Depreciation and amortization
............
1,026,834
761,801
33,245
\u2014
1,821,880
Capital expenditures
....................
1,422,429
2,156,339
51,200
(18,381)
3,611,587
As of and for the year ended March 31, 2023
Yen in millions
Automotive
Financial
services
All other
Inter-segment
Elimination/
Unallocated
Amount
Consolidated
Sales revenues
Revenues from external customers
.....
33,776,870
2,786,679
590,749
\u2014
37,154,298
Inter-segment revenues and transfers . . .
43,131
22,968
634,194
(700,293)
\u2014
Total
........................
33,820,000
2,809,647
1,224,943
(700,293)
37,154,298
Operating expenses
.....................
31,639,363
2,372,131
1,121,492
(703,713)
34,429,273
Operating income
......................
2,180,637
437,516
103,451
3,420
2,725,025
Total assets
........................ ...
26,321,858
35,525,441
2,946,994
9,508,887
74,303,180
Investments accounted for using the equity
method
.............................
4,717,231
92,903
272,752
144,460
5,227,345
Depreciation and amortization
............
1,205,687
799,156
35,062
\u2014
2,039,904
Capital expenditures
....................
1,688,114
1,786,373
38,748
(17,015)
3,496,219
Accounting policies applied by each segment is in conformity with those of Toyota\u2019s consolidated financial
statements. Transfers between industry segments are made in accordance with terms and conditions in the
ordinary course of business.
Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of
cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and
the balances as of March 31, 2021, 2022 and 2023 are \u00a511,344,879 million, \u00a510,020,460 million and
\u00a511,101,175 million, respectively.
F-25
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(3) Consolidated Financial Statements on Non-Financial Services Businesses and Financial Services
Business
The financial data below presents separately Toyota\u2019s non-financial services and financial services
businesses.
(i) Consolidated Statement of Financial Position on Non-Financial Services Businesses and Financial
Services Business
Yen in millions
March 31, 2022
March 31, 2023
Assets
(Non-Financial Services Businesses)
Current assets
Cash and cash equivalents
................................
4,299,522
5,548,398
Trade accounts and other receivable
.........................
3,184,782
3,594,057
Other financial assets
....................................
2,028,649
849,779
Inventories
............................................
3,821,356
4,255,614
Other current assets
......................................
746,134
749,078
Total current assets
......................................
14,080,444
14,996,926
Non-current assets
Property, plant and equipment
.............................
7,302,017
7,729,000
Other
.................................................
15,769,015
17,337,727
Total non-current assets
..................................
23,071,032
25,066,727
Total assets
................................................
37,151,476
40,063,653
(Financial Services Business)
Current assets
Cash and cash equivalents
................................
1,814,133
1,968,568
Trade accounts and other receivable
.........................
206,588
286,960
Receivables related to financial services
.....................
7,181,327
8,279,806
Other financial assets
....................................
1,058,620
1,680,242
Other current assets
......................................
221,738
362,660
Total current assets
......................................
10,482,407
12,578,237
Non-current assets
Receivables related to financial services
.....................
14,583,130
16,491,045
Property, plant and equipment
.............................
5,024,625
4,904,975
Other
.................................................
1,591,311
1,551,183
Total non-current assets
..................................
21,199,065
22,947,204
Total assets
................................................
31,681,472
35,525,441
(Elimination)
Elimination of assets
.........................................
(1,144,177)
(1,285,914)
(Consolidated)
Total assets
................................................
67,688,771
74,303,180
Note: Assets in non-financial services include unallocated corporate assets.
F-26
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
March 31, 2022
March 31, 2023
Liabilities
(Non-Financial Services Businesses)
Current liabilities
Trade accounts and other payables
..........................
4,023,857
4,689,034
Short-term and current portion of long-term debt
..............
1,041,557
1,170,114
Accrued expenses
.......................................
1,421,194
1,446,697
Income taxes payable
....................................
695,888
361,000
Other current liabilities
...................................
2,778,172
3,266,095
Total current liabilities
...................................
9,960,668
10,932,939
Non-current liabilities
Long-term debt
.........................................
1,538,884
1,553,622
Retirement benefit liabilities
...............................
1,004,558
1,047,430
Other non-current liabilities
...............................
1,830,146
1,867,028
Total non-current liabilities
...............................
4,373,588
4,468,080
Total liabilities
.............................................
14,334,256
15,401,019
(Financial Services Business)
Current liabilities
Trade accounts and other payables
..........................
477,550
547,511
Short-term and current portion of long-term debt
..............
10,576,910
11,583,602
Accrued expenses
.......................................
124,088
128,994
Income taxes payable
....................................
130,927
43,607
Other current liabilities
...................................
1,414,606
1,841,562
Total current liabilities
...................................
12,724,080
14,145,275
Non-current liabilities
Long-term debt
.........................................
13,882,650
15,627,943
Retirement benefit liabilities
...............................
18,190
18,078
Other non-current liabilities
...............................
722,257
1,135,862
Total non-current liabilities
...............................
14,623,097
16,781,883
Total liabilities
.............................................
27,347,177
30,927,158
(Elimination)
Elimination of liabilities
......................................
(1,147,482)
(1,289,211)
(Consolidated)
Total liabilities
.............................................
40,533,951
45,038,967
Shareholders\u2019 equity
(Consolidated) Total Toyota Motor Corporation shareholders\u2019 equity
......
26,245,969
28,338,706
(Consolidated) Non-controlling interests
.............................
908,851
925,507
(Consolidated) Total shareholders\u2019 equity
............................
27,154,820
29,264,213
(Consolidated) Total liabilities and shareholders\u2019 equity
.................
67,688,771
74,303,180
F-27
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(ii) Consolidated Statement of Income on Non-Financial Services Businesses and Financial Services
Business
Yen in millions
For the year ended
March 31, 2021
For the year ended
March 31, 2022
For the year ended
March 31, 2023
(Non-Financial Services Businesses)
Sales revenues
.................................
25,103,190
29,104,564
34,409,011
Cost of revenues
...............................
21,199,915
24,250,860
29,132,715
Selling, general and administrative
.................
2,206,205
2,518,182
2,990,316
Operating income
...............................
1,697,070
2,335,522
2,285,980
Other income (loss), net
..........................
742,785
998,001
943,777
Income before income taxes
......................
2,439,855
3,333,522
3,229,757
Income tax expense
.............................
528,413
944,594
1,040,864
Net income
....................................
1,911,442
2,388,928
2,188,893
Net income attributable to
Toyota Motor Corporation
....................
1,875,467
2,369,399
2,152,509
Non-controlling interests
.....................
35,975
19,529
36,384
(Financial Services Business)
Sales revenues
.................................
2,162,237
2,324,026
2,809,647
Cost of revenues
...............................
1,202,277
1,178,509
1,741,117
Selling, general and administrative
.................
464,368
488,517
631,014
Operating income
...............................
495,593
657,001
437,516
Other income (loss), net
..........................
(3,090)
16
(5,013)
Income before income taxes
......................
492,503
657,017
432,503
Income tax expense
.............................
121,536
171,327
134,903
Net income
....................................
370,967
485,690
297,600
Net income attributable to
Toyota Motor Corporation
....................
369,824
480,716
292,334
Non-controlling interests
.....................
1,143
4,974
5,266
(Elimination)
Elimination of net income
........................
(30)
(4)
6,475
(Consolidated)
Net income
....................................
2,282,378
2,874,614
2,492,967
Net income attributable to
Toyota Motor Corporation
....................
2,245,261
2,850,110
2,451,318
Non-controlling interests
.....................
37,118
24,504
41,650
F-28
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(iii) Consolidated Statement of Cash Flows on Non-Financial Services Businesses and Financial Services
Business
Yen in millions
For the year ended
March 31, 2021
For the year ended
March 31, 2022
For the year ended
March 31, 2023
(Non-Financial Services Businesses)
Cash flows from operating activities
Net income
.....................................
1,911,442
2,388,928
2,188,893
Depreciation and amortization
......................
928,533
1,060,079
1,240,749
Share of profit (loss) of investments accounted for using
the equity method
..............................
(345,374)
(552,515)
(633,324)
Income tax expense
...............................
528,413
944,594
1,040,864
Changes in operating assets and liabilities, and other
....
(262,407)
(572,082)
463,871
Interest received
.................................
123,606
100,118
234,945
Dividends received
...............................
290,618
342,646
454,752
Interest paid
....................................
(35,371)
(40,780)
(28,206)
Income taxes paid, net of refunds
....................
(505,260)
(544,887)
(1,280,341)
Net cash provided by (used in) operating activities
......
2,634,200
3,126,101
3,682,203
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to
others
........................................
(1,203,662)
(1,186,900)
(1,439,724)
Additions to equipment leased to others
...............
(142,217)
(151,456)
(147,792)
Proceeds from sales of fixed assets excluding equipment
leased to others
................................
38,575
36,219
54,572
Proceeds from sales of equipment leased to others
......
46,461
45,183
44,195
Additions to intangible assets
.......................
(271,274)
(335,436)
(333,295)
Additions to public and corporate bonds and stocks
.....
(2,511,346)
(1,904,588)
(503,977)
Proceeds from sales of public and corporate bonds and
stocks and upon maturity of public and corporate
bonds
........................................
1,982,302
1,989,345
892,814
Other, net
......................................
(1,339,372)
1,856,069
236,351
Net cash provided by (used in) investing activities
......
(3,400,534)
348,436
(1,196,856)
Cash flows from financing activities
Increase (decrease) in short-term debt
................
213,716
(164,899)
142,688
Proceeds from long-term debt
......................
1,662,593
513,371
474,535
Payments of long-term debt
........................
(170,373)
(1,818,653)
(637,982)
Dividends paid to Toyota Motor Corporation common
shareholders
..................................
(625,514)
(709,872)
(727,980)
Dividends paid to non-controlling interests
............
(34,840)
(49,629)
(79,782)
Reissuance (repurchase) of treasury stock
.............
199,884
(404,718)
(431,099)
Other, net
......................................
\u2014
\u2014
21,458
Net cash provided by (used in) financing activities
......
1,245,465
(2,634,401)
(1,238,161)
Effect of exchange rate changes on cash and cash
equivalents
.......................................
112,588
185,237
1,690
Net increase (decrease) in cash and cash equivalents
.........
591,719
1,025,373
1,248,876
Cash and cash equivalents at beginning of year
.............
2,682,431
3,274,149
4,299,522
Cash and cash equivalents at end of year
..................
3,274,149
4,299,522
5,548,398
F-29
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
For the year ended
March 31, 2021
For the year ended
March 31, 2022
For the year ended
March 31, 2023
(Financial Services Business)
Cash flows from operating activities
Net income
.....................................
370,967
485,690
297,600
Depreciation and amortization
......................
715,757
761,801
799,156
Interest income and interest costs related to financial
services, net
...................................
(241,016)
(360,837)
(703,971)
Share of profit (loss) of investments accounted for using
the equity method
..............................
(5,655)
(7,831)
(9,739)
Income tax expense
...............................
121,536
171,327
134,903
Changes in operating assets and liabilities, and other
....
(780,798)
(623,051)
(1,958,779)
Interest received
.................................
661,272
742,364
1,291,100
Dividends received
...............................
3,901
4,740
5,599
Interest paid
....................................
(431,939)
(384,006)
(574,650)
Income taxes paid, net of refunds
....................
(304,856)
(264,876)
(16,883)
Net cash provided by (used in) operating activities
......
109,168
525,321
(735,664)
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to
others
........................................
(10,240)
(10,366)
(10,472)
Additions to equipment leased to others
...............
(2,133,378)
(2,135,437)
(1,759,564)
Proceeds from sales of fixed assets excluding equipment
leased to others
................................
1,967
1,530
1,865
Proceeds from sales of equipment leased to others
......
1,325,238
1,496,949
1,614,965
Additions to intangible assets
.......................
(7,173)
(10,650)
(14,985)
Additions to public and corporate bonds and stocks
.....
(217,825)
(523,323)
(646,237)
Proceeds from sales of public and corporate bonds and
stocks and upon maturity of public and corporate
bonds
........................................
79,616
213,291
440,915
Other, net
......................................
(35,893)
113,635
(30,385)
Net cash provided by (used in) investing activities
......
(997,688)
(854,370)
(403,898)
Cash flows from financing activities
Increase (decrease) in short-term debt
................
(1,517,259)
(488,495)
171,293
Proceeds from long-term debt
......................
8,043,141
7,800,854
8,892,261
Payments of long-term debt
........................
(5,332,573)
(7,142,750)
(7,868,820)
Dividends paid to non-controlling interests
............
(1,757)
(2,094)
(5,204)
Other, net
......................................
\u2014
\u2014
2,853
Net cash provided by (used in) financing activities
......
1,191,551
167,516
1,192,382
Effect of exchange rate changes on cash and cash
equivalents
.......................................
107,657
148,958
101,615
Net increase (decrease) in cash and cash equivalents
.........
410,688
(12,575)
154,436
Cash and cash equivalents at beginning of year
.............
1,416,020
1,826,707
1,814,133
Cash and cash equivalents at end of year
..................
1,826,707
1,814,133
1,968,568
(Consolidated)
Effect of exchange rate changes on cash and cash
equivalents
.......................................
220,245
334,195
103,305
Net increase (decrease) in cash and cash equivalents
.........
1,002,406
1,012,798
1,403,311
Cash and cash equivalents at beginning of year
.............
4,098,450
5,100,857
6,113,655
Cash and cash equivalents at end of year
..................
5,100,857
6,113,655
7,516,966
F-30
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(4) Geographic information
As of and for the year ended March 31, 2021
Yen in millions
Japan
North
America
Europe
Asia
Other
Inter-segment
Elimination/
Unallocated
Amount
Consolidated
Sales revenues
Revenues from external
customers
...........
8,587,193
9,325,950 2,968,289 4,555,897 1,777,266
\u2014
27,214,594
Inter-segment revenues
and transfers
.........
6,361,739
165,853
166,200
489,398
95,630
(7,278,820)
\u2014
Total
.............
14,948,931
9,491,803 3,134,489 5,045,295 1,872,895
(7,278,820)27,214,594
Operating expenses
.........
13,799,715
9,090,442 3,026,518 4,609,354 1,813,048
(7,322,232)25,016,845
Operating income
..........
1,149,217
401,361
107,971
435,940
59,847
43,413
2,197,748
Total assets
...............
19,674,666 20,138,715 5,074,409 6,548,343 3,469,635
7,361,372 62,267,140
Non-current assets
..........
5,232,862
5,705,770
751,245
896,542
461,723
\u2014
13,048,143
As of and for the year ended March 31, 2022
Yen in millions
Japan
North
America
Europe
Asia
Other
Inter-segment
Elimination/
Unallocated
Amount
Consolidated
Sales revenues
Revenues from external
customers
...........
8,214,740 10,897,946 3,692,214 5,778,115 2,796,493
\u2014
31,379,507
Inter-segment revenues
and transfers
.........
7,776,696
268,534
175,633
752,452
131,690
(9,105,004)
\u2014
Total
.............
15,991,436 11,166,479 3,867,847 6,530,566 2,928,183
(9,105,004)31,379,507
Operating expenses
.........
14,567,991 10,600,695 3,704,874 5,858,216 2,690,014
(9,037,980)28,383,811
Operating income
..........
1,423,445
565,784
162,973
672,350
238,169
(67,024) 2,995,697
Total assets
...............
21,502,155 23,353,812 5,711,271 7,461,812 4,309,248
5,350,474 67,688,771
Non-current assets
..........
5,501,046
6,251,499
891,146
977,235
537,631
\u2014
14,158,559
F-31
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
As of and for the year ended March 31, 2023
Yen in millions
Japan
North
America
Europe
Asia
Other
Inter-segment
Elimination/
Unallocated
Amount
Consolidated
Sales revenues
Revenues from external
customers
...........
9,122,282 13,509,027 4,097,537 7,076,922 3,348,530
\u2014
37,154,298
Inter-segment revenues
and transfers
........
8,460,914
334,874
176,198
967,984
123,663
(10,063,633)
\u2014
Total
............
17,583,196 13,843,901 4,273,735 8,044,906 3,472,193
(10,063,633) 37,154,298
Operating expenses
.........
15,681,733 13,918,637 4,216,276 7,330,455 3,240,832
(9,958,659) 34,429,273
Operating income (loss)
.....
1,901,463
(74,736)
57,460
714,451
231,362
(104,974)
2,725,025
Total assets
...............
23,241,334 26,024,734 6,813,474 7,908,520 4,726,373
5,588,745 74,303,180
Non-current assets
..........
5,658,859
6,255,561 1,042,726 1,031,057
565,377
\u2014
14,553,580
\u201cOther\u201d consists of Central and South America, Oceania, Africa and the Middle East.
Non-current assets do not include financial instruments, deferred tax assets, net defined benefit assets and
rights arising under insurance contracts.
The above amounts are aggregated by region based on the location of the country where TMC or
consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and
conditions in the ordinary course of business.
Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of
cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and
the
balances
as
March
31,
2021,
2022
and
2023
are
\u00a511,344,879
million,
\u00a510,020,460
million
and
\u00a511,101,175 million, respectively.
(5) Sales revenues by location of external customers
In addition to the disclosure requirements under IFRS, Toyota discloses this information in order to provide
financial statements users with valuable information
.
Yen in millions
For the years ended March 31,
2021
2022
2023
Japan
..................................................
6,820,590
6,425,184
6,742,304
North America
...........................................
9,437,314
10,953,472
13,578,084
Europe
.................................................
2,734,152
3,495,785
3,970,857
Asia
...................................................
5,057,397
6,017,646
7,150,555
Other
..................................................
3,165,141
4,487,420
5,712,497
Total
..............................................
27,214,594
31,379,507
37,154,298
\u201cOther\u201d consists of Central and South America, Oceania, Africa and the Middle East, etc.
F-32
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
6. Cash and cash equivalents
Cash and cash equivalents consist of the following:
Yen in millions
March 31,
2022
2023
Cash and deposits
.....................................................
4,630,882
5,948,297
Negotiable certificate of deposit and other
..................................
1,482,773
1,568,669
Total
...........................................................
6,113,655
7,516,966
7. Trade accounts and other receivables
Trade accounts and other receivables consist of the following:
Yen in millions
March 31,
2022
2023
Accounts and notes receivables
..........................................
2,466,398
2,757,412
Other receivables
.....................................................
716,558
870,398
Allowance for doubtful accounts
.........................................
(40,124)
(41,679)
Total
...........................................................
3,142,832
3,586,130
Trade accounts and other receivables which are unconditional rights to considerations are classified as
financial assets measured at amortized cost. Receivables from contracts with customers correspond to \u201cAccounts
and notes receivables\u201d and the balance as of April 1, 2021 is \u00a52,301,976 million.
The changes in the allowance for doubtful accounts consist of the following:
Yen in millions
For the years ended March 31,
2022
2023
Allowance for doubtful accounts at beginning of year
.........................
97,378
110,793
Provision for doubtful accounts, net of reversal
..............................
10,649
8,844
Write-offs
...........................................................
(1,239)
(3,496)
Other
...............................................................
4,005
5,487
Allowance for doubtful accounts at end of year
..............................
110,793
121,628
\u201cOther\u201d includes currency translation adjustments.
A portion of the allowance for doubtful accounts is attributed to certain non-current receivable balances
which are reported as other financial assets under non-current assets.
F-33
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
8. Finance receivables
Finance receivables consist of the following:
Yen in millions
March 31,
2022
2023
Retail
...............................................................
17,647,440
20,201,004
Finance leases
........................................................
2,347,941
2,503,369
Wholesale and other dealer loans
..........................................
2,904,216
3,461,421
Total
............................................................
22,899,597
26,165,794
Deferred origination costs
...............................................
328,792
359,743
Less - Unearned income
.................................................
(1,172,007)
(1,418,272)
Less - Allowance for credit losses
Retail
...........................................................
(230,104)
(274,871)
Finance leases
....................................................
(36,985)
(36,920)
Wholesale and other dealer loans
......................................
(24,836)
(24,622)
Total finance receivables, net
.............................................
21,764,457
24,770,851
Current assets
.........................................................
7,181,327
8,279,806
Non-current assets
.....................................................
14,583,130
16,491,045
Total finance receivables, net
.............................................
21,764,457
24,770,851
Finance receivables were geographically distributed as follows: in North America 55.0%, in Europe 13.3%,
in Asia 12.9%, in Japan 7.3% and in Other 11.5% as of March 31, 2022, and in North America 56.9%, in Europe
14.0%, in Asia 12.0%, in Japan 6.3% and in Other 10.8% as of March 31, 2023.
Finance receivables are classified as financial assets measured at amortized cost.
The contractual maturity of retail receivables, future lease payments to be received for finance leases, the
contractual maturity of wholesale receivables and other dealer loans are as follows:
Yen in millions
March 31, 2022
Retail
Finance leases
Wholesale and other
dealer loans
Within 1 year
.........................................
5,276,853
639,493
1,640,995
Between 1 and 2 years
..................................
3,988,650
482,368
319,847
Between 2 and 3 years
..................................
3,338,910
367,680
240,727
Between 3 and 4 years
..................................
2,546,568
198,789
161,717
Between 4 and 5 years
..................................
1,487,397
68,092
133,286
Later than 5 years
......................................
1,009,062
14,680
407,643
Total
............................................
17,647,440
1,771,102
2,904,216
F-34
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
March 31, 2023
Retail
Finance leases
Wholesale and other
dealer loans
Within 1 year
.........................................
5,822,035
736,347
2,101,711
Between 1 and 2 years
..................................
4,599,678
534,414
402,642
Between 2 and 3 years
..................................
3,930,516
402,625
266,593
Between 3 and 4 years
..................................
3,013,894
196,046
142,888
Between 4 and 5 years
..................................
1,737,460
64,676
145,964
Later than 5 years
......................................
1,097,422
13,540
401,622
Total
............................................
20,201,004
1,947,649
3,461,421
Finance leases receivables consist of the following:
Yen in millions
March 31,
2022
2023
Lease payments
........................................................
1,771,102
1,947,649
Estimated unguaranteed residual values
.....................................
576,839
555,720
Total
........................................................
2,347,941
2,503,369
Deferred origination costs
................................................
15,807
18,587
Less - Unearned income
.................................................
(190,954)
(224,761)
Less - Allowance for credit losses
.........................................
(36,985)
(36,920)
Finance leases receivables, net
........................................
2,135,809
2,260,275
F-35
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
9. Other financial assets
Other financial assets consist of the following:
Yen in millions
March 31,
2022
2023
Financial assets measured at amortized cost
Time deposits
.....................................................
505,695
206,494
Other
............................................................
680,199
766,455
Financial assets measured at fair value through profit or loss
Public and corporate bonds
...........................................
159,186
193,816
Stocks
...........................................................
149,890
168,214
Derivatives
.......................................................
419,173
610,340
Other
............................................................
465,801
496,052
Financial assets measured at fair value through other comprehensive income
Public and corporate bonds
...........................................
6,302,719
6,409,119
Stocks
...........................................................
3,332,209
3,413,780
Other
............................................................
9,644
7,838
Total
........................................................
12,024,515
12,272,107
Current assets
.........................................................
2,507,248
1,715,675
Non-current assets
......................................................
9,517,267
10,556,431
Total
........................................................
12,024,515
12,272,107
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\u2019s 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\u2019s 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.
Public and corporate bonds included in financial assets measured at fair value through other comprehensive
income include securities loaned of \u00a52,198,396 million and \u00a52,192,934 million as of March 31, 2022 and 2023,
respectively.
F-36
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Major securities included in stocks measured at fair value through other comprehensive income as of
March 31, 2022 and 2023 are as follows:
Yen in millions
March 31,
Issue
2022
2023
KDDI CORPORATION
.................................................
1,268,762
1,296,639
NIPPON TELEGRAPH AND TELEPHONE CORPORATION
..................
286,385
320,073
MS&AD Insurance Group Holdings, Inc
.....................................
209,318
216,053
HO TAI MOTOR CO., LTD
. .............................................
142,002
156,014
Renesas Electronics Corporation
..........................................
107,423
143,543
To facilitate the efficient and effective utilization of assets, Toyota derecognizes stocks measured at fair
value
through
other
comprehensive
income
by
way
of
sale.
Fair
value
and
total
accumulated
other
comprehensive income at derecognition are as follows:
Yen in millions
For the years ended
March 31,
2022
2023
Total fair value
........................................................
66,906
69,028
Accumulated other comprehensive income, net
...............................
27,861
35,124
10. Inventories
Inventories consist of the following:
Yen in millions
March 31,
2022
2023
Products
..............................................................
2,012,243
2,317,143
Work in process
........................................................
547,810
530,915
Raw materials
.........................................................
1,107,558
1,239,535
Supplies and other
......................................................
153,745
168,021
Total
............................................................
3,821,356
4,255,614
11. Investments accounted for using the equity method
Equity in associates and joint ventures is as follows:
Yen in millions
March 31,
2022
2023
Associates
............................................................
3,926,267
4,169,573
Joint ventures
..........................................................
911,628
1,057,773
Total
............................................................
4,837,895
5,227,345
F-37
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The combined information of investments accounted for using the equity method (total value of TMC\u2019s
interests) is as follows:
Yen in millions
For the years ended March 31,
2021
2022
2023
Net income
Associates
................................................
190,998
324,480
326,931
Joint ventures
..............................................
160,031
235,866
316,132
Total
................................................
351,029
560,346
643,063
Other comprehensive income, net of tax
Associates
................................................
50,143
241,264
99,737
Joint ventures
..............................................
38,501
66,187
3,295
Total
................................................
88,644
307,451
103,033
Comprehensive income
Associates
................................................
241,141
565,744
426,669
Joint ventures
..............................................
198,532
302,053
319,428
Total
................................................
439,673
867,798
746,096
12. Property, plant and equipment
The changes in cost and accumulated depreciation and impairment losses are as follows:
(Cost)
Yen in millions
Land
Buildings
Machinery and
equipment
Vehicles and
equipment on
operating leases
Construction
in progress
Total
Balance as of April 1, 2021
........
1,345,037
4,999,206
12,753,951
6,203,721
675,875
25,977,791
Additions
..................
9,106
88,543
481,916
2,293,189
629,786
3,502,541
Sales or disposal
............
(8,901)
(57,743)
(540,775)
(2,334,129)
(3,639)
(2,945,187)
Reclassification from
construction in progress
....
2,310
105,581
630,896
449
(739,235)
\u2014
Foreign currency translation
adjustments
..............
15,008
138,047
642,984
594,933
30,756
1,421,728
Other
.....................
(769)
10,985
13,390
23,065
(28,014)
18,657
Balance as of March 31, 2022
......
1,361,791
5,284,620
13,982,362
6,781,229
565,528
27,975,530
Additions
..................
14,990
75,098
433,393
1,916,239
934,847
3,374,566
Sales or disposal
............
(14,680)
(76,482)
(599,825)
(2,516,466)
(13,684)
(3,221,137)
Reclassification from
construction in progress
....
50,494
88,625
480,805
167
(620,091)
\u2014
Foreign currency translation
adjustments
..............
10,458
67,274
437,649
524,175
13,503
1,053,058
Other
.....................
3,317
25,676
62,235
69,083
(33,236)
127,075
Balance as of March 31, 2023
......
1,426,370
5,464,811
14,796,619
6,774,427
846,866
29,309,093
F-38
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(Accumulated depreciation and impairment losses)
Yen in millions
Land
Buildings
Machinery and
equipment
Vehicles and
equipment on
operating leases
Construction
in progress
Total
Balance as of April 1, 2021
........
(4,497) (3,189,737) (10,005,275)
(1,366,916)
(213) (14,566,638)
Depreciation
...............
\u2014
(121,431)
(788,685)
(817,171)
\u2014
(1,727,287)
Impairment losses
...........
\u2014
(2,527)
(5,177)
\u2014
\u2014
(7,705)
Sales or disposal
............
30
48,646
507,396
799,186
\u2014
1,355,259
Foreign currency translation
adjustments
..............
(351)
(79,026)
(461,159)
(115,693)
(24)
(656,252)
Other
.....................
(1,562)
(31,522)
(10,054)
(3,073)
(55)
(46,266)
Balance as of March 31, 2022
......
(6,379) (3,375,598) (10,762,953)
(1,503,668)
(292) (15,648,890)
Depreciation
...............
\u2014
(148,981)
(921,037)
(856,921)
\u2014
(1,926,939)
Impairment losses
...........
(393)
(10,517)
(17,358)
\u2014
(2,846)
(31,114)
Sales or disposal
............
150
63,448
559,467
860,708
\u2014
1,483,773
Foreign currency translation
adjustments
..............
(178)
(39,793)
(334,617)
(96,936)
(2)
(471,526)
Other
.....................
(513)
(17,746)
(53,167)
(8,928)
(71)
(80,423)
Balance as of March 31, 2023
......
(7,313) (3,529,186) (11,529,666)
(1,605,744)
(3,210) (16,675,119)
Depreciation on \u201cProperty, plant and equipment\u201d is included in \u201cCost of products sold\u201d and \u201cSelling,
general and administrative\u201d in the consolidated statement of income.
Vehicles and equipment on operating leases consist of the following:
Yen in millions
March 31,
2022
2023
Vehicles
..............................................................
6,766,590
6,759,024
Equipment
.............................................................
14,639
15,403
6,781,229
6,774,427
Less - Accumulated depreciation
...........................................
(1,503,668)
(1,605,744)
Vehicles and equipment on operating leases, net
...........................
5,277,561
5,168,683
F-39
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The following table presents future lease payments to be received for vehicles and equipments on operating
leases:
Yen in millions
March 31,
2022
2023
Within 1 year
......................................................
932,882
885,757
Between 1 and 2 years
...............................................
641,683
497,218
Between 2 and 3 years
...............................................
280,646
216,227
Between 3 and 4 years
...............................................
75,915
59,004
Between 4 and 5 years
...............................................
21,772
21,022
Later than 5 years
...................................................
9,801
10,484
Total future rentals
..............................................
1,962,699
1,689,712
The future lease payments to be received as shown above should not be considered indicative of future cash
collections.
13. Right of use assets and lease liabilities
The breakdown of right of use assets is as follows:
Yen in millions
March 31,
2022
2023
Types of original assets
Land
.............................................................
67,927
64,717
Buildings
..........................................................
305,533
333,698
Other
.............................................................
74,952
92,953
Total
.........................................................
448,412
491,368
The increase in the right of use assets for the years ended on March 31, 2022 and 2023 were
\u00a5110,996 million and \u00a5116,298 million, respectively.
The breakdown of main gains and losses on lessee\u2019s leases is as follows:
Yen in millions
March 31,
2022
2023
Depreciation of right of use assets
Land
.............................................................
8,660
5,217
Buildings
..........................................................
56,262
42,408
Other
.............................................................
26,293
36,566
Total
.........................................................
91,214
84,191
Interest expense on lease liabilities
.........................................
4,074
5,429
Short-term leases
.......................................................
90,568
97,025
185,856
186,645
F-40
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
For
the
years
ended
March
31,
2022
and
2023,
the
total
cash
outflows
for
lessee
leases
were
\u00a5149,521 million and \u00a5172,112 million, respectively.
The following is the maturity analysis of the total future lease payments and the adjustment to the present
value:
Yen in millions
March 31,
2022
2023
Within 1 year
..........................................................
61,735
74,780
Between 1 and 5 years
...................................................
146,452
179,026
Later than 5 years
.......................................................
258,474
254,096
Future lease payment, total
............................................
466,661
507,902
Less - Interest expense
...............................................
(45,733)
(51,781)
Present value of lease payment, total
................................
420,928
456,120
Current liabilities
...................................................
56,136
66,870
Non-current liabilities
................................................
364,792
389,250
Present value of lease payment, total
................................
420,928
456,120
14. Intangible assets
The carrying value of intangible assets is as follows:
Yen in millions
March 31,
2022
2023
Capitalized development costs
.............................................
663,762
669,612
Software and other
......................................................
528,204
579,510
Total
.............................................................
1,191,966
1,249,122
F-41
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The changes in cost and accumulated amortization of intangible assets are as follows:
(Cost)
Yen in millions
Capitalized
development costs
Software and other
Total
Balance as of April 1, 2021
.............................
1,104,142
727,874
1,832,016
Additions
.......................................
\u2014
41,616
41,616
Internally developed
...............................
200,512
86,342
286,853
Sales or disposal
..................................
(163,419)
(60,981)
(224,400)
Foreign currency translation adjustments
..............
\u2014
25,333
25,333
Other
...........................................
\u2014
7,048
7,048
Balance as of March 31, 2022
...........................
1,141,234
827,232
1,968,466
Additions
.......................................
\u2014
40,655
40,655
Internally developed
...............................
181,634
98,040
279,674
Sales or disposal
..................................
(164,898)
(38,473)
(203,372)
Foreign currency translation adjustments
..............
1,465
20,886
22,351
Other
...........................................
\u2014
17,056
17,056
Balance as of March 31, 2023
...........................
1,159,435
965,395
2,124,830
(Accumulated amortization)
Yen in millions
Capitalized
development costs
Software and other
Total
Balance as of April 1, 2021
.............................
(472,966)
(250,417)
(723,382)
Amortization
....................................
(167,926)
(94,593)
(262,518)
Sales or disposal
..................................
163,419
60,375
223,794
Foreign currency translation adjustments
..............
\u2014
(13,570)
(13,570)
Other
...........................................
\u2014
(823)
(823)
Balance as of March 31, 2022
...........................
(477,472)
(299,028)
(776,500)
Amortization
....................................
(164,512)
(112,965)
(277,477)
Sales or disposal
..................................
152,161
37,901
190,062
Foreign currency translation adjustments
..............
\u2014
(10,533)
(10,533)
Other
...........................................
\u2014
(1,261)
(1,261)
Balance as of March 31, 2023
...........................
(489,823)
(385,886)
(875,708)
Amortization of intangible assets is included in \u201cCost of products sold\u201d and \u201cSelling, general and
administrative\u201d in the consolidated statement of income. There is no material internally generated intangible
assets except for capitalized development costs.
F-42
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
15. Income taxes
(1) Deferred tax assets and liabilities
Significant components of deferred tax assets and liabilities are as follows:
Yen in millions
March 31,
2022
2023
Deferred tax assets
Defined benefit plan liabilities
........................................
141,186
120,007
Accrued expenses and liabilities for quality assurance
.....................
613,101
662,425
Other accrued employees\u2019 compensation
................................
128,461
127,668
Operating loss carryforwards for tax purposes
............................
64,740
191,906
Allowance for doubtful accounts and credit losses
........................
85,289
94,639
Property, plant and equipment and other assets
...........................
210,238
252,441
Other
............................................................
491,167
463,250
Total deferred tax assets
.........................................
1,734,181
1,912,336
Deferred tax liabilities
Changes in fair value of financial instruments measured in other comprehensive
income
.........................................................
(725,242)
(737,156)
Undistributed earnings of foreign subsidiaries
............................
(51,888)
(39,496)
Undistributed earnings of associates and joint ventures
.....................
(1,026,027)
(1,076,742)
Basis difference of acquired assets
.....................................
(63,189)
(78,206)
Capitalized development costs
........................................
(204,741)
(201,120)
Lease transactions
..................................................
(468,894)
(972,158)
Other
............................................................
(206,791)
(222,378)
Total deferred tax liabilities
......................................
(2,746,773)
(3,327,255)
Net deferred tax assets and liabilities
...............................
(1,012,592)
(1,414,919)
F-43
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Of the changes in deferred tax assets and deferred tax liabilities for the years ended March 31, 2021, 2022
and 2023, the amount recognized as income tax expense in the consolidated statement of income is as follows:
Yen in millions
For the years ended March 31,
2021
2022
2023
Defined benefit plan liabilities
...............................
12,473
4,203
802
Accrued expenses and liabilities for quality assurance
.............
(18,256)
(40,761)
26,942
Other accrued employees\u2019 compensation
.......................
3,125
(968)
(2,745)
Operating loss carryforwards for tax purposes
...................
1,265
38,119
116,344
Allowance for doubtful accounts and credit losses
................
6,042
(4,902)
4,474
Property, plant and equipment and other assets
..................
4,468
(9,795)
24,850
Undistributed earnings of foreign subsidiaries
...................
6,144
(33,349)
12,391
Undistributed earnings of associates and joint ventures
............
47,840
(71,405)
(63,520)
Basis difference of acquired assets
............................
(18,302)
(11,270)
(12,075)
Capitalized development costs
...............................
(1,762)
(9,708)
4,003
Lease transactions
.........................................
209,972
103,098
(487,702)
Other
...................................................
23,104
111,603
44,144
Total
................................................
276,113
74,864
(332,091)
The deductible temporary differences, unused tax losses, and unused tax credits for which no deferred tax
asset is recognized in the statement of financial position:
Yen in millions
March 31,
2022
2023
Deductible temporary difference
.........................................
709,204
968,060
Carryforwards of tax losses
.............................................
518,385
712,357
Carryforwards of tax credit
..............................................
46,306
115,809
Total
...........................................................
1,273,894
1,796,225
The expected expiration date of the carryforwards of tax losses for which deferred tax assets are not
recognized are as follows:
Yen in millions
March 31,
2022
2023
Within 5 years
........................................................
4,049
75,839
Between 5 and 10 years
................................................
136,666
313,895
Later than 10 years
....................................................
377,670
322,623
Total
...........................................................
518,385
712,357
F-44
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The expected expiration date of the carryforwards of tax credit for which deferred tax assets are not
recognized are as follows:
Yen in millions
March 31,
2022
2023
Within 5 years
........................................................
8,654
10,018
Between 5 and 10 years
................................................
9,865
18,107
Later than 10 years
....................................................
27,787
87,684
Total
...........................................................
46,306
115,809
Of the temporary differences in investments in foreign subsidiaries, because management intends to reinvest
undistributed earnings of foreign subsidiaries to the extent not expected to be remitted in the foreseeable future,
no deferred tax liability is recognized. As of March 31, 2022 and 2023, the temporary differences totaled
\u00a54,799,506 million and \u00a54,367,250 million, respectively, and Toyota estimates an additional deferred tax liability
of \u00a5203,229 million and \u00a5202,488 million would be required, respectively, if the full amount of those
undistributed earnings were remitted.
(2) Income tax expenses
The income tax expense for the years ended March 31, 2021, 2022 and 2023 consists of the following:
Yen in millions
For the years ended March 31,
2021
2022
2023
Current income tax expense:
TMC and domestic subsidiaries
...............................
403,230
672,077
758,772
Foreign subsidiaries
........................................
522,859
518,705
84,902
Total current
..........................................
926,089
1,190,782
843,674
Deferred income tax expense (benefit):
TMC and domestic subsidiaries
...............................
(23,792)
42,131
27,783
Foreign subsidiaries
........................................
(252,321)
(116,995)
304,308
Total deferred
.........................................
(276,113)
(74,864)
332,091
Total income tax expense
................................
649,976
1,115,918
1,175,765
F-45
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Toyota is subject to a number of different income taxes which, in the aggregate, indicate a statutory rate in
Japan of approximately 30.9% for the years ended March 31, 2021, 2022 and 2023. 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 future years. Reconciliation of the differences between
the statutory tax rate and the average effective tax rate is as follows:
For the years ended March 31,
2021
2022
2023
Statutory tax rate
...............................................
30.9%
30.9%
30.9%
Increase (reduction) in taxes resulting from:
Non-deductible expenses
.....................................
0.5
0.6
0.8
Tax-exempt income
.........................................
(0.4)
(0.3)
(0.4)
Deferred tax liabilities on undistributed earnings of foreign
subsidiaries
.............................................
0.6
1.3
1.1
Effects of investments accounted for using the equity method
........
(3.7)
(4.3)
(5.4)
Deferred tax liabilities on undistributed earnings of associates and joint
ventures
................................................
(0.2)
2.6
3.1
Change in unrecognized deferred tax assets
......................
0.7
3.7
6.3
Tax credits
................................................
(3.2)
(2.7)
(3.5)
The difference between the statutory tax rate in Japan and that of
foreign subsidiaries
.......................................
(3.5)
(3.1)
(1.5)
Unrecognized tax benefits adjustments
..........................
(0.2)
(0.3)
0.4
Other
....................................................
0.6
(0.3)
0.3
Average effective tax rate
........................................
22.2%
28.0%
32.0%
16. Trade accounts and other payables
Trade accounts and other payables consists of the following:
Yen in millions
March 31,
2022
2023
Accounts and notes payables
................................................
3,168,084
3,819,334
Other payables
...........................................................
1,124,008
1,166,974
Total
..............................................................
4,292,092
4,986,309
Trade accounts and other payables are classified as financial liabilities measured at amortized cost.
F-46
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
17. Financial liabilities
(1) Financial liabilities
Financial liabilities consist of the following:
Yen in millions
Non-cash changes
As of
April 1, 2021
Cash flow
Acquisitions
Reclassification
Changes
in foreign
currency
exchange
rates
Changes
in fair value
Other
As of
March 31, 2022
Current liabilities
Short-term debt
..............
4,339,890
(579,216)
\u2014
\u2014
334,639
\u2014
9,544
4,104,858
Current portion of long-term
debt
.....................
7,584,337
(8,548,156)
\u2014
7,410,991
572,070
\u2014
7,604
7,026,845
Current portion of long-term
lease liabilities
.............
47,120
(54,879)
\u2014
34,071
2,192
\u2014
27,632
56,136
Class share
..................
240,712
(240,630)
\u2014
\u2014
\u2014
\u2014
(83)
\u2014
Current liabilities
.........
12,212,060
(9,422,881)
\u2014
7,445,062
908,902
\u2014
44,697
11,187,839
Non-current liabilities
Long-term debt
..............
13,133,804
8,122,678
\u2014
(7,410,991)
1,095,463
\u2014
2,773
14,943,727
Long-term lease liabilities
......
313,771
\u2014
110,996
(34,071)
14,203
\u2014
(40,107)
364,792
Class share
..................
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Non-current liabilities
.....
13,447,575
8,122,678
110,996
(7,445,062)
1,109,666
\u2014
(37,334)
15,308,519
Total
..................
25,659,635
(1,300,203)
110,996
\u2014
2,018,568
\u2014
7,363
26,496,358
Derivatives
.....................
3,211
(12,026)
\u2014
\u2014
689
15,348
\u2014
7,221
Yen in millions
Non-cash changes
As of
April 1, 2022
Cash flow
Acquisitions
Reclassification
Changes
in foreign
currency
exchange
rates
Changes
in fair value
Other
As of
March 31, 2023
Current liabilities
Short-term debt
..............
4,104,858
239,689
\u2014
\u2014
231,700
\u2014
13,926
4,590,173
Current portion of long-term
debt
.....................
7,026,845
(8,283,375)
\u2014
8,380,467
467,956
\u2014
56,704
7,648,596
Current portion of long-term
lease liabilities
.............
56,136
(69,658)
\u2014
39,311
1,424
\u2014
39,657
66,870
Class share
..................
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current liabilities
.........
11,187,839
(8,113,344)
\u2014
8,419,778
701,080
\u2014
110,286
12,305,639
Non-current liabilities
Long-term debt
..............
14,943,727
9,276,918
\u2014
(8,380,467)
836,348
\u2014
8,858
16,685,384
Long-term lease liabilities
......
364,792
\u2014
116,298
(39,311)
9,277
\u2014
(61,807)
389,250
Class share
..................
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Non-current liabilities
.....
15,308,519
9,276,918
116,298
(8,419,778)
845,626
\u2014
(52,949)
17,074,634
Total
..................
26,496,358
1,163,574
116,298
\u2014
1,546,706
\u2014
57,337
29,380,273
Derivatives
.....................
7,221
77,098
\u2014
\u2014
(5,202)
(141,475)
\u2014
(62,359)
Short-term and long-term debt is classified as financial liabilities measured at amortized cost.
F-47
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(2) Short-term debt
The breakdown of \u201cShort-term debt\u201d is as follows:
Yen in millions
March 31,
2022
2023
Short-term debt
(Principally from bank)
[Weighted average interest rate
2022
1.64%
2023
2.02%]
................................................
852,301
916,725
Commercial paper
[Weighted average interest rate
2022
0.38%
2023
3.81%]
................................................
3,252,556
3,673,447
4,104,858
4,590,173
(3) Long-term debt
The breakdown of \u201cLong-term debt\u201d is as follows:
Yen in millions
March 31,
2022
2023
Unsecured loans
(Principally from bank)
[2022
Weighted average interest 1.83%
Due 2022 to 2042
2023
Weighted average interest 3.18%
Due 2023 to 2042]
............................................
4,990,165
5,719,366
Secured loans
(Principally financial receivables securitization)
[2022
Weighted average interest 1.02%
Due 2022 to 2034
2023
Weighted average interest 3.82%
Due 2023 to 2034]
............................................
3,902,766
5,266,411
Medium-term notes of consolidated subsidiaries
[2022
Weighted average interest 1.45%
Due 2022 to 2048
F-48
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
March 31,
2022
2023
2023
Weighted average interest 2.72%
Due 2023 to 2048]
............................................
10,257,689
10,561,816
Unsecured bonds of the parent
[2022
Weighted average interest 1.32%
Due 2022 to 2037
2023
Weighted average interest 1.29%
Due 2023 to 2037]
............................................
1,123,145
1,127,650
Unsecured bonds of consolidated subsidiaries
[2022
Weighted average interest 1.99%
Due 2022 to 2028
2023
Weighted average interest 2.54%
Due 2023 to 2028]
............................................
1,664,634
1,621,444
Secured bonds of consolidated subsidiaries
[2022
Weighted average interest 5.81%
Due 2022 to 2024
2023
Weighted average interest 6.53%
Due 2023 to 2026]
............................................
32,174
37,294
21,970,573
24,333,981
Less - Current portion due within one year
.................................
(7,026,845)
(7,648,596)
14,943,727
16,685,384
As of March 31, 2022 and 2023, the currencies of long-term debt are 52% and 53% in US dollars, 11% and
11% in Japanese yen, 13% and 13% in Euros, 6% and 6% in Australian dollars, 4% and 3% in Canadian dollars,
14% and 14% in other currencies.
(4) Assets pledges as collateral
The breakdown of assets pledged as collateral mainly for loans of consolidated subsidiaries is as follows:
Yen in millions
March 31,
2022
2023
Property, plant and equipment
..........................................
1,474,647
1,498,448
Other assets
.........................................................
3,582,826
5,459,877
Total
..........................................................
5,057,473
6,958,325
Other assets principally consist of securitized finance receivables.
F-49
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Standard agreements with certain banks include provisions that collateral (including sums on deposit with
such banks) or guarantees will be furnished upon the banks\u2019 request and that any collateral furnished, pursuant to
such agreements or otherwise, will be applicable to all present or future indebtedness to such banks.
(5) Interest expenses
The interest expenses for the fiscal year ended March 31, 2022 and 2023 are \u00a5410,197 million and
\u00a5651,979 million, respectively. Interest expenses related to the financial business is included in \u201ccost of financial
services\u201d in the consolidated statement of income.
(6) Class shares
TMC issued First Series Model AA Class Shares (the \u201cModel AA Class Shares\u201d) 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\u2019s right
:
(1)
Shareholder\u2019s 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\u2019s 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\u2019s right
:
TMC may acquire, on or after April 2, 2021, all of the outstanding Model
AA Class Shares in exchange for cash. At the Directors\u2019 Meeting held on
December 14, 2020, TMC has resolved to exercise its cash call option to
acquire all outstanding Model AA Class Shares and, subject to such
acquisition, to cancel all Model AA Class Shares pursuant to Article 178
of the Companies Act of Japan. The acquisition took place on April 2,
2021, and the cancellation was completed on April 3, 2021.
F-50
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
18. Other financial liabilities
Other financial liabilities consist of the following:
Yen in millions
March 31,
2022
2023
Financial liabilities measured at amortized cost
Deposits received
....................................................
723,363
1,015,094
Other
..............................................................
287,072
454,756
Financial liabilities measured at fair value through profit or loss
Derivatives
.........................................................
497,198
456,257
Total
..........................................................
1,507,633
1,926,107
Current liabilities
.........................................................
1,046,050
1,392,397
Non-current liabilities
.....................................................
461,583
533,710
Total
..........................................................
1,507,633
1,926,107
19. Financial risks
(1) Financial risk management policy
Toyota is exposed to various risks such as credit risk, liquidity risk, market risk (foreign currency risk,
interest rate risk, commodity price fluctuation risk and stock price fluctuation risk). To hedge the market risk,
Toyota also uses derivative financial instruments such as forward exchange contracts, interest rate swaps,
commodity forwards transactions. With respect to the execution and management of derivative transactions, it
follows the company regulations that set out transaction authority, and it is a policy not to conduct speculative
transactions using derivative financial instruments.
In addition, Toyota procures necessary funds (mainly bank borrowings and issuing corporate bonds) based
on the capital expenditure plans, and temporary surplus funds are managed with highly safe financial assets and
short-term working capital is procured through bank borrowings and commercial paper. As for liquidity risk
concerning fund procurement, each company manages it by preparing a monthly cash flow plan, etc.
(2) Credit risk
Receivables related to financial services are exposed to the credit risk. The risk is arisen from the failure of
customers or dealers to meet the terms of their contracts with Toyota or otherwise fail to perform as agreed.
Toyota manages its credit risk by defining risk management methods and management systems for specific risks
in accordance with the regulations on risk management. Based on such regulations, Toyota mitigates the credit
risk through periodical monitoring of the customer\u2019s credit status and undertaking the maturity control and
account balance control, while detecting promptly any doubtful accounts caused by deterioration in the financial
conditions.
Please see Note 3 \u201cAllowance for credit losses on finance receivables\u201d about measuring method of the
expected credit losses on receivables related to financial services.
F-51
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The carrying amount after impairment of the financial assets presented in the consolidated financial
statements, as well as guarantee obligations and loan commitments that are set forth in the notes to the
consolidated financial statements, are the maximum exposure to the credit risk of Toyota\u2019s financial assets that
do not take into account the value of the acquired collateral. The allowance for credit exposures of loan
commitments and financial agreements is measured in the same way that the allowance for retail receivables is
measured.
Retail receivables and financial lease receivables are being secured by vehicles as collateral. Wholesale
receivables and other dealer loans are secured by placing appropriate property as collateral. Also, during the
reporting period, there is no change in the policy regarding collateral.
The net changes in the allowance for credit losses relating to the retail receivables are as follows:
Yen in millions
For the year ended March 31, 2022
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Allowance for credit loss at beginning of year
....
79,402
78,426
40,376
198,204
Provision for credit loss, net of reversal
.........
22,685
39,420
38,687
100,792
Charge-offs
................................
\u2014
\u2014
(41,331)
(41,331)
Other
.....................................
(13,961)
(18,381)
4,781
(27,561)
Allowance for credit loss at end of year
.........
88,125
99,465
42,514
230,104
Yen in millions
For the year ended March 31, 2023
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Allowance for credit loss at beginning of year
....
88,125
99,465
42,514
230,104
Provision for credit loss, net of reversal
.........
26,490
59,627
89,456
175,573
Charge-offs
................................
\u2014
\u2014
(91,215)
(91,215)
Other
.....................................
(18,895)
(34,225)
13,530
(39,591)
Allowance for credit loss at end of year
.........
95,720
124,867
54,284
274,871
\u201cOther\u201d primarily includes reversal of allowance for credit loss due to the collection of retail receivables.
F-52
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The table below shows the retail receivables segregated into aging categories based on the numbers of the
days outstanding:
Yen in millions
March 31, 2022
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Current
...................................
15,753,211
1,083,642
\u2014
16,836,854
Past due less than 90 days
....................
283,753
405,941
17,655
707,350
Past due 90 days or more
.....................
\u2014
779
102,457
103,236
Total
.................................
16,036,965
1,490,363
120,112
17,647,440
Yen in millions
March 31, 2023
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Current
...................................
17,905,331
1,275,170
\u2014
19,180,501
Past due less than 90 days
....................
331,040
542,999
21,469
895,509
Past due 90 days or more
.....................
\u2014
416
124,580
124,995
Total
.................................
18,236,371
1,818,584
146,049
20,201,004
The net changes in the allowance for credit losses relating to the finance lease receivables are as follows:
Yen in millions
For the years ended March 31,
2022
2023
Allowance for credit loss at beginning of year
..............................
33,455
36,985
Provision for credit loss, net of reversal
...................................
11,107
14,926
Charge-offs
.........................................................
(3,712)
(7,233)
Other
..............................................................
(3,865)
(7,757)
Allowance for credit loss at end of year
...................................
36,985
36,920
\u201cOther\u201d primarily includes reversal of allowance for credit loss due to the collection of finance lease
receivables.
F-53
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The table below shows the finance lease receivables segregated into aging categories based on the numbers
of the days outstanding:
Yen in millions
March 31,
2022
2023
Current
.............................................................
2,279,978
2,437,467
Past due less than 90 days
..............................................
47,034
46,296
Past due 90 days or more
...............................................
20,928
19,606
Total
..........................................................
2,347,941
2,503,369
The table below shows the net movement of the allowance for credit losses on wholesale receivables and
other dealer loans.
Yen in millions
For the year ended March 31, 2022
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Allowance for credit loss at beginning of year
....
17,467
7,241
4,935
29,642
Provision for credit loss, net of reversal
.........
5,198
1,566
1,177
7,941
Charge-offs
................................
\u2014
\u2014
(11)
(11)
Other
.....................................
(8,317)
(3,715)
(705)
(12,736)
Allowance for credit loss at end of year
.........
14,349
5,092
5,396
24,836
Yen in millions
For the year ended March 31, 2023
Expected credit
loss for
12 months
Expected credit loss for the entire
period
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Allowance for credit loss at beginning of year
....
14,349
5,092
5,396
24,836
Provision for credit loss, net of reversal
.........
3,517
1,780
551
5,847
Charge-offs
................................
\u2014
\u2014
\u2014
\u2014
Other
.....................................
(3,225)
(2,289)
(547)
(6,062)
Allowance for credit loss at end of year
.........
14,640
4,582
5,399
24,622
\u201cOther\u201d primarily includes reversal of allowance for credit loss due to the collection of wholesale
receivables and other dealer loans.
Toyota charges off the credit - impaired finance receivables when Toyota considers that all or part of it will
not be collected. The amount of receivables related to financial services which has been charged off but subject
to ongoing collection activity was not significant for the years ended March 31, 2022 and 2023.
F-54
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The balances of the wholesale receivables and other dealer loan receivables portfolios by credit status, as
well as loan commitments and financial guarantee contracts, as of March 31, 2022 and 2023 are as follows.
The
wholesale
and
other
dealer
loan
receivables
portfolio
segment
is
segregated
into
following
creditqualities below based on internal risk assessments by dealers.
Performing: Account not classified as either
Credit Watch, At Risk or DefaultCredit 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, 2022
Expected credit
loss for
12 months
Lifetime expected credit loss
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Total
Wholesale and other dealer loan
Performing
............................
2,730,860
\u2014
\u2014
2,730,860
Credit Watch
..........................
20,842
97,353
\u2014
118,196
At Risk
...............................
\u2014
32,299
699
32,998
Default
...............................
\u2014
\u2014
22,162
22,162
Loan commitments
..........................
10,050,817
69,393
90
10,120,300
Financial guarantee contracts
..................
3,574,257
39,205
\u2014
3,613,461
Total
.............................
16,376,776
238,251
22,952
16,637,978
Yen in millions
March 31, 2023
Expected credit
loss for
12 months
Lifetime expected credit loss
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Total
Wholesale and other dealer loan
Performing
............................
3,300,629
\u2014
\u2014
3,300,629
Credit Watch
..........................
47,184
69,086
\u2014
116,270
At Risk
...............................
\u2014
29,780
6,708
36,487
Default
...............................
\u2014
\u2014
8,034
8,034
Loan commitments
..........................
10,704,882
65,053
572
10,770,507
Financial guarantee contracts
..................
3,536,796
37,260
\u2014
3,574,056
Total
.............................
17,589,491
201,179
15,314
17,805,983
F-55
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
For the year ended March 31, 2022 and 2023, the amount of finance receivables the terms of which were
modified due to deterioration in credit conditions was not significant for any portfolio of finance receivables, and
the amount of payment defaults on finance receivables so modified were not significant for any portfolio of such
receivables.
(3) Liquidity risk
To secure cash on hand necessary for carrying out the operation, Toyota appropriately borrows from the
financial institutions and issues corporate bonds or commercial paper, and there is a risk of failing to execute the
payment on due date because of deterioration of fund procurement environment etc.,.
Toyota manages liquidity risk by monitoring the fund demand of each group company as appropriate,
preparing a monthly-based funding plan, and comparing it with the daily cash flow. In addition to holding
sufficient cash and cash equivalents in order to secure the liquidity and stability of funds, to prepare for
emergency situations such as the sudden fund demand and market liquidity deterioration, a commitment line has
been set up.
The amounts of non-derivative financial liabilities and derivative financial liabilities by a remaining contract
maturity period are as follows:
As of March 31, 2022
Yen in millions
Maturities
Book value
Contractual
cash flows
Within 1 year
Between 1 and
3 years
Between 3 and
5 years
Later than
5 years
Non-derivative financial liabilities
Short-term debt
................
852,301
(865,873)
(865,873)
\u2014
\u2014
\u2014
Commercial paper
..............
3,252,556
(3,260,578)
(3,260,578)
\u2014
\u2014
\u2014
Current portion of long-term debt . .
7,026,845
(7,238,356)
(7,238,356)
\u2014
\u2014
\u2014
Long-term debt
................
14,943,727
(15,458,478)
\u2014
(9,194,302)
(4,501,420)
(1,762,756)
Lease liabilities
................
420,928
(466,661)
(61,735)
(85,791)
(60,661)
(258,474)
Total
.................
26,496,358
(27,289,948) (11,426,543)
(9,280,094)
(4,562,081)
(2,021,230)
Derivative financial liabilities
Interest derivative
..............
325,912
(346,482)
(56,824)
(112,352)
(110,592)
(66,715)
Currency derivative
In
.......................
\u2014
958,208
358,275
83,552
379,916
136,465
Out
......................
171,286
(1,164,801)
(475,869)
(94,949)
(420,302)
(173,682)
Total
.................
497,198
(553,075)
(174,417)
(123,748)
(150,978)
(103,932)
Total
.............
26,993,557
(27,843,023) (11,600,961)
(9,403,841)
(4,713,059)
(2,125,162)
F-56
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
As of March 31, 2023
Yen in millions
Maturities
Book value
Contractual
cash flows
Within 1 year
Between 1 and
3 years
Between 3 and
5 years
Later than
5 years
Non-derivative financial liabilities
Short-term debt
................
916,725
(941,708)
(941,708)
\u2014
\u2014
\u2014
Commercial paper
..............
3,673,447
(3,765,973)
(3,765,973)
\u2014
\u2014
\u2014
Current portion of long-term debt . .
7,648,596
(8,067,346)
(8,067,346)
\u2014
\u2014
\u2014
Long-term debt
................
16,685,384
(17,762,084)
\u2014
(10,527,952)
(5,609,531)
(1,624,601)
Lease liabilities
................
456,120
(507,902)
(74,780)
(102,258)
(76,769)
(254,096)
Total
.................
29,380,273
(31,045,012) (12,849,807)
(10,630,210)
(5,686,300)
(1,878,696)
Derivative financial liabilities
Interest derivative
..............
296,438
(315,269)
(41,958)
(155,214)
(109,599)
(8,498)
Currency derivative
In
.......................
\u2014
835,459
58,806
187,514
589,139
\u2014
Out
......................
159,819
(1,017,589)
(90,525)
(220,701)
(706,363)
\u2014
Total
.................
456,257
(497,400)
(73,678)
(188,401)
(226,823)
(8,498)
Total
.............
29,836,530
(31,542,412) (12,923,485)
(10,818,611)
(5,913,123)
(1,887,194)
Toyota has unused short-term lines of credit amounting to \u00a52,534,291 million and \u00a52,715,437 million of
which \u00a51,056,931 million and \u00a51,153,342 million related to commercial paper programs as of March 31, 2022
and 2023, respectively. Under these programs, Toyota is authorized to obtain short-term financing at prevailing
interest rates for periods not in excess of 360 days.
As
of
March
31,
2022
and
2023,
Toyota
has
unused
long-term
lines
of
credit
amounting
to
\u00a59,030,322 million and \u00a59,461,614 million, respectively.
(4) Foreign exchange risk
Toyota is subject to the foreign currency exposure through transactions in foreign currencies related to
purchase, sale and finance associated with conducting business worldwide. Toyota is exposed to fluctuations
risks related to future profitability or assets and liabilities regarding operating cash flow denominated in foreign
currencies and various financial instruments. The most significant foreign currency exposure is primarily caused
by the U.S. dollar and the euro.
Toyota uses derivative financial instruments including foreign exchange forward contracts, foreign currency
options, interest rate currency swap agreements, and others, to manage the exposure to foreign currency
exchange rate fluctuations.
F-57
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Toyota uses Value-at-risk analysis measurement (\u201cVaR\u201d) to assess the risk of exchange rate fluctuation.
Potential impact of pre-tax cash flows on VaR-integrated foreign currency positions (including derivatives) for
the years ended March 31, 2022 and 2023 is as follows:
Yen in millions
VaR
Year-end
Average
Maximum
Minimum
For the year ended March 31, 2022
............................
257,600
241,825
263,600
214,800
For the year ended March 31, 2023
............................
381,600
393,175
418,900
369,800
The Monte Carlo simulation method is used for Toyota\u2019s VaR measurement, and measurement is based on a
95% confidence interval and a ten-day holding period.
(5) Interest rate risk
In preceding with business activities, Toyota is exposed to interest rate risk due to fluctuation in market
interest rates as it procures and invests funds necessary for working capital and capital investment. To maintain a
desirable level of exposure related to interest rate fluctuation risk and minimize interest expense, Toyota
conducts various financial instruments transactions.
Sensitivity analysis of Toyota\u2019s interest rate risk associated with holding financial instruments if the interest
rate increases by 1% is as follows. In this analysis, all other variables are assumed to be constant.
Yen in millions
For the years ended March 31,
2022
2023
Impact on income before income taxes
....................................
(64,533)
(42,476)
Impact on other comprehensive income, before tax effect
.....................
(243,630)
(238,820)
(6) Market price fluctuation risk
Toyota is exposed to risks arising from increased costs due to commodity price fluctuations, such as iron
and steel, precious metals and non-ferrous alloys used in the manufacture of automobiles. Toyota controls the
price risk associated with the purchase of those commodities by maintaining inventory at the minimum level.
Toyota is exposed to stock price fluctuation risk because it owns shares of companies that have business
relationships mainly for promoting smooth business activities. Toyota periodically reviews the fair values and
financial situations of the business partner companies and, taking into consideration the relationship with them,
continually reviews the holding status. The impact on other comprehensive income, before tax effect when the
declared price of equity financial assets (shares) in active markets changes by 10% for the year ended March 31,
2022, and 2023 is \u00a5316,281 million and \u00a5321,472 million, respectively.
20. Derivative financial instruments
(1) 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 Toyota is unable to or has elected
not to apply hedge accounting. Toyota does not use derivatives for speculation or trading.
F-58
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(2) Fair value and gain and losses of derivatives
The fair values of the derivatives as of March 31, 2022 and 2023 are as follows:
Yen in millions
March 31,
2022
2023
Derivative assets
Derivative financial instruments not designated as hedging instruments:
Interest rate and currency swap
Current assets
- Other financial assets
..................................
69,625
163,777
Non-current assets
- Other financial assets
..................................
333,683
404,593
Total
............................................
403,309
568,371
Foreign exchange forward and option contracts
Current assets
- Other financial assets
..................................
15,865
41,969
Non-current assets
- Other financial assets
..................................
\u2014
\u2014
Total
............................................
15,865
41,969
Total derivative assets
..................................................
419,173
610,340
Yen in millions
March 31,
2022
2023
Derivative financial liabilities
Derivative financial instruments not designated as hedging instruments:
Interest rate and currency swap
Current liabilities
- Other financial liabilities
...............................
(87,926)
(47,044)
Non-current liabilities
- Other financial liabilities
...............................
(326,177)
(383,184)
Total
............................................
(414,102)
(430,228)
Foreign exchange forward and option contracts
Current liabilities
- Other financial liabilities
...............................
(83,096)
(26,029)
Non-current liabilities
- Other financial liabilities
...............................
\u2014
\u2014
Total
............................................
(83,096)
(26,029)
Total derivative liabilities
...............................................
(497,198)
(456,257)
F-59
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The amount of underlying notional of derivatives as of March 31, 2022 and 2023 are as follows:
Yen in millions
March 31,
2022
2023
Derivative financial instruments not designated as hedging instruments:
Interest rate and currency swap
........................................
21,510,803
25,999,796
Foreign exchange forward and option contracts
...........................
2,976,488
3,176,566
Total
........................................................
24,487,291
29,176,362
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.
The gain (loss) on derivative transactions as of March 31, 2021, 2022 and 2023 were \u00a5588 million,
\u00a5773 million and \u00a5(129,782) million, respectively. The amounts are included in cost of financial services and
foreign exchange gain (loss), net.
Cash flows from transactions of derivative financial instruments are included in cash flows from operating
activities in the consolidated statement of cash flows.
(3) 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, 2022
and 2023 is \u00a536,190 million and \u00a512,623 million, respectively. The aggregate fair value amount of assets that are
already posted as cash collateral as of March 31, 2022 and 2023 is \u00a599,718 million and \u00a5111,249 million,
respectively. 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 \u00a512,623 million as of March 31, 2023. See
Note 22 for details.
21. Fair value measurement
s
(1) Definition of fair value hierarchy
In accordance with IFRS, Toyota classifies fair value measurement into the following three levels based on
the observability and significance of the inputs used.
Level 1:
Quoted prices in active markets for identical assets or liabilities
Level 2:
Fair value measurement based on inputs other than quoted prices included within Level 1 that
are observable for the assets or liabilities, either directly or indirectly
Level 3:
Fair value measurement based on models using unobservable inputs for the assets or liabilities
F-60
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(2) Method of fair value measurement
The fair value of assets and liabilities is determined using relevant market information and appropriate
valuation methods.
The methods and assumptions for measuring the fair value of assets and liabilities are as follows:
(i) Cash and cash equivalents -
Cash equivalents include money market funds and other investments with original maturities of three
months or less. 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 their short duration.
(ii) Trade accounts and other receivables and Trade accounts and other payables -
These receivables and payables are carried at amounts which approximate fair value due to their short
duration.
(iii) Receivables related to financial services -
The fair value of receivables related to financial services is estimated by discounting expected cash flows to
present value using internal assumptions, including prepayment speeds, expected credit losses and collateral
value.
As unobservable inputs are utilized, the fair value of receivables related to financial services is classified as
Level 3.
(iv) Other financial assets -
(Public and corporate bonds)
Public and corporate bonds include government bonds. Japanese bonds and foreign bonds, including U.S.,
European and other bonds, represent 26% and 74% (as of March 31, 2022) and 30% and 70% (as of March 31,
2023) of public and corporate bonds, respectively. Toyota primarily uses quoted market prices for identical assets
to measure the fair value of these securities.
(Stocks)
Listed stocks on the Japanese stock markets represent 85% (as of March 31, 2022) and 86% (as of
March 31, 2023) of stocks that Toyota holds. Toyota primarily uses quoted market prices for identical assets to
measure fair value of these securities. Therefore, stocks with an active market are classified as Level 1.
Fair value of stocks with no active market is measured by using the market approach or other appropriate
methods. Therefore, stocks with no active market are thus classified as Level 3.
Price book-value ratios (\u201cPBR\u201d) of comparable companies, discount ratios of discounted cash flow
valuation method and others are the significant unobservable inputs relating to the fair value measurement of
stocks classified as Level 3. The fair value increases (decreases) as PBR of a comparable company rises
(declines) or the discount rate declines (rises). The estimated increase or decrease in fair value of stocks if the
unobservable inputs were to be replaced by other reasonable alternative assumptions are not significant.
F-61
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
These estimates are based on valuation methods that are considered appropriate in each case. The significant
assumptions involved in the estimations include the financial condition and future prospects and trends of the
investees and the outcome of the referenced transactions. Due to the uncertain nature of these assumptions or by
using different assumptions and estimates, the fair value may be impacted materially.
The shares classified as Level 3 are measured by the responsible department using quarterly available
information in accordance with Toyota\u2019s consolidated financial accounting policies and reported to the
supervisors along with the basis of the change in fair value.
(v) 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 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 as
Level 2. In other certain cases when market data are 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 as Level 3. Toyota\u2019s
derivative fair value measurements consider assumptions about counterparty and Toyota\u2019s own non-performance
risk, using such as credit default probabilities.
(vi) Short-term and long-term debt -
The fair values of short-term and long-term debt including the current portion, except for secured loans
provided by securitization transactions using special-purpose entities (\u201cLoans Based on Securitization\u201d), are
estimated based on the discounted amounts of future cash flows using Toyota\u2019s current borrowing rates for
similar liabilities. As these inputs are observable, the fair value of these debts is classified as Level 2.
The fair values of the Loans Based on Securitization are primarily 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. In cases where these valuations utilize unobservable inputs, the fair value of the Loans Based on
Securitization is classified as Level 3.
F-62
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(3) Financial instrument 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. Transfers between levels of the fair value are recognized at the date of the event or change in
circumstances that caused the transfer:
Yen in millions
March 31, 2022
Level 1
Level 2
Level 3
Total
Other financial assets:
Financial assets measured at fair value through profit or loss
Public and corporate bonds
................................
61,376
96,136
1,674
159,186
Stocks
................................................
\u2014
\u2014
149,890
149,890
Derivative financial instruments
............................
\u2014
419,173
\u2014
419,173
Other
.................................................
307,446
158,355
\u2014
465,801
Total
.............................................
368,822
673,665
151,563
1,194,051
Financial assets measured at fair value through other comprehensive
income
Public and corporate bonds
................................
3,542,949
2,739,591
20,178
6,302,719
Stocks
................................................
3,162,805
\u2014
169,404
3,332,209
Other
.................................................
9,505
139
\u2014
9,644
Total
.............................................
6,715,259
2,739,730
189,583
9,644,571
Other financial liabilities:
Financial liabilities measured at fair value through profit or loss
Derivative financial instruments
............................
\u2014
(497,198)
\u2014
(497,198)
Total
.............................................
\u2014
(497,198)
\u2014
(497,198)
Yen in millions
March 31, 2023
Level 1
Level 2
Level 3
Total
Other financial assets:
Financial assets measured at fair value through profit or loss
Public and corporate bonds
................................
98,458
88,989
6,369
193,816
Stocks
................................................
\u2014
\u2014
168,214
168,214
Derivative financial instruments
............................
\u2014
610,340
\u2014
610,340
Other
.................................................
334,071
161,981
\u2014
496,052
Total
.............................................
432,529
861,310
174,583
1,468,422
Financial assets measured at fair value through other comprehensive
income
Public and corporate bonds
................................
3,976,333
2,405,823
26,963
6,409,119
Stocks
................................................
3,214,720
\u2014
199,060
3,413,780
Other
.................................................
7,838
\u2014
\u2014
7,838
Total
.............................................
7,198,891
2,405,823
226,023
9,830,736
Other financial liabilities:
Financial liabilities measured at fair value through profit or loss
Derivative financial instruments
............................
\u2014
(456,257)
\u2014
(456,257)
Total
.............................................
\u2014
(456,257)
\u2014
(456,257)
F-63
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(4) Changes in financial instruments classified as Level 3 and 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 years ended March 31, 2022 and 2023:
Yen in millions
For the year ended March 31, 2022
Public and corporate
bonds
Stocks
Derivative financial
instruments
Total
Balance at beginning of year
..................
27,623
638,917
\u2014
666,540
Total gains (losses)
Net income (loss)
......................
(44)
113,053
\u2014
113,009
Other comprehensive income (loss)
........
\u2014
9,219
\u2014
9,219
Purchases and issuances
.....................
968
2,362
\u2014
3,330
Sales and settlements
.......................
(4,020)
(18,208)
\u2014
(22,228)
Transfer to (from) Level 3
...................
(7,067)
(512,465)
\u2014
(519,532)
Others
...................................
4,392
86,415
\u2014
90,807
Balance at end of year
.......................
21,852
319,294
\u2014
341,146
Unrealized gains or losses included in profit or
loss on assets held at March 31
..............
(250)
113,053
\u2014
112,803
Total
............................
(250)
113,053
\u2014
112,803
Yen in millions
For the year ended March 31, 2023
Public and corporate
bonds
Stocks
Derivative financial
instruments
Total
Balance at beginning of year
..................
21,852
319,294
\u2014
341,146
Total gains (losses)
Net income (loss)
......................
(71)
9,551
\u2014
9,481
Other comprehensive income (loss)
........
\u2014
(10,881)
\u2014
(10,881)
Purchases and issuances
.....................
\u2014
15,999
\u2014
15,999
Sales and settlements
.......................
(3,716)
(14,055)
\u2014
(17,771)
Transfer to (from) Level 3
...................
5,471
(1,639)
\u2014
3,832
Others
...................................
9,795
49,004
\u2014
58,800
Balance at end of year
.......................
33,332
367,274
\u2014
400,606
Unrealized gains or losses included in profit or
loss on assets held at March 31
..............
(63)
9,551
\u2014
9,489
Total
............................
(63)
9,551
\u2014
9,489
Net income (loss) in public and corporate bonds, stocks and derivative financial instruments, other than
transactions related to financial services, are each included in \u201cOther finance income\u201d and \u201cOther finance costs\u201d
in the accompanying consolidated statement of income. Transactions related to financial services are included in
each of \u201cSales revenues\u2014Financial services\u201d and \u201cCost of financial services\u201d in the consolidated statement of
income.
In the reconciliation table above, derivative financial instruments are presented as net of assets and
liabilities.
F-64
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
\u201cOthers\u201d includes foreign currency translation adjustments for the year ended March 31, 2022 and 2023.
Transfer to (from) Level 3 of stocks recognized in the year ended March 31, 2022 is due to the listing of
investees.
(5) Financial assets and liabilities measured at amortized cost
The following table summarizes the carrying amount and the fair value of financial assets and liabilities
measured on an amortized cost basis:
Yen in millions
March 31, 2022
Fair value
Carrying amount
Level 1
Level 2
Level 3
Total
Receivables related to financial services
.....
21,764,457
\u2014
\u2014
22,074,593
22,074,593
Interest-bearing liabilities
Long-term debt (Including current
portion)
........................
21,970,573
\u2014
17,899,087
3,824,531
21,723,618
Yen in millions
March 31, 2023
Fair value
Carrying amount
Level 1
Level 2
Level 3
Total
Receivables related to financial services
.....
24,770,851
\u2014
\u2014
24,741,916
24,741,916
Interest-bearing liabilities
Long-term debt (Including current
portion)
........................
24,333,981
\u2014
18,598,205
5,149,410
23,747,616
Of financial assets and liabilities that are measured on an amortized cost basis, those with carrying values
that approximate fair value are excluded from the table above.
22. Offsetting Financial Assets and Liabilities
The following table summarizes the amounts of financial assets and financial liabilities that are subject to an
enforceable master netting agreement or similar agreement but not set off because they do not meet some or all
of the offsetting criteria for financial assets and financial liabilities. With respect to financial instruments that
may be offset in the future based on set-off rights associated with master netting agreements or similar
agreements, as well as the associated collateral, the set-off will be enforceable only when certain circumstances,
such as when the counterparty cannot perform on its obligations due to bankruptcy or other reasons, arise.
Yen in millions
March 31, 2022
Gross amounts of
recognized
financial assets
and financial
liabilities
Amounts not offset
Net amount
Financial
instruments
Collateral of
financial
instruments
Other financial assets Derivatives
...................
419,173
(182,288)
(105,201)
131,685
Other financial liabilities Derivatives
................
497,198
(182,288)
(111,283)
203,627
F-65
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
March 31, 2023
Gross amounts of
recognized
financial assets
and financial
liabilities
Amounts not offset
Net amount
Financial
instruments
Collateral of
financial
instruments
Other financial assets Derivatives
...................
610,340
(196,423)
(206,087)
207,830
Other financial liabilities Derivatives
................
456,257
(196,423)
(97,794)
162,040
The amounts offset, as presented in the consolidated statement of financial position, in accordance with the
criteria for offsetting financial assets and financial liabilities were immaterial.
23. Employee benefits
(1) Overview of post-employment benefit Plans
Upon terminations of employment, employees of TMC 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 \u201cpoints\u201d 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, TMC amended its retirement plan to introduce a \u201cpoint\u201d based retirement benefit
plan. Under the new plan, employees are entitled to lump-sum or pension payments determined based on
accumulated \u201cpoints\u201d vested in each year of service.
There are three types of \u201cpoints\u201d that vest in each year of service consisting of \u201cservice period points\u201d which
are attributed to the length of service, \u201cjob title points\u201d which are attributed to the job title of each employee, and
\u201cperformance points\u201d 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, TMC 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.
TMC 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.
These post-employment benefit plans are exposed to general investment risk, interest rate risk and inflation
risk.
F-66
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Pension costs and defined benefit obligations are dependent on assumptions used in calculating such
amounts. These assumptions include discount rates, retirement rate, salary increase rate, mortality rates and other
factors. While management believes that the assumptions used are appropriate, differences in actual experience
or changes in assumptions may affect Toyota\u2019s pension costs and obligations.
The most critical assumption impacting the calculation of pension costs and defined benefit obligations is
the discount rates. Toyota determines the discount rates mainly based on the rates of high quality fixed income
bonds currently available and expected to be available during the period to maturity of the defined benefit
pension plans.
Toyota uses a March 31 measurement date for its post-employment benefit plans.
(2) Defined benefit obligations and plan assets
The changes in present value of defined benefit obligations and fair value of plan assets are as follows:
Yen in millions
For the years ended March 31,
2022
2023
Japanese plans
Foreign plans
Japanese plans
Foreign plans
Present value of defined benefit obligations:
Benefit obligations at beginning of year
........
2,089,263
1,419,910
2,077,151
1,487,644
Current service cost
.......................
89,128
52,826
87,452
55,000
Interest cost
..............................
12,487
52,062
14,816
57,079
Remeasurements:
Changes in demographic assumptions
.....
6,440
379
2,707
30,743
Changes in financial assumptions
.........
(46,113)
(126,125)
(120,279)
(258,990)
Other
...............................
4,162
904
(9,673)
18,248
Past service cost
..........................
761
274
(1,419)
3,405
Plan participants\u2019 contributions
..............
1,392
3,063
1,523
3,575
Benefits paid
.............................
(80,368)
(42,615)
(87,624)
(60,614)
Acquisition and other
......................
\u2014
126,966
\u2014
87,173
Benefit obligations at end of year
.............
2,077,151
1,487,644
1,964,655
1,423,263
Fair value of plan assets:
Plan assets at beginning of year
..............
1,806,265
1,079,543
1,844,819
1,224,656
Interest income
...........................
11,261
51,614
13,576
48,386
Remeasurement
Actual return on plan assets, excluding
interest income
.....................
34,543
(6,657)
(8,619)
(216,474)
Employer contributions
....................
33,163
24,912
32,682
16,421
Plan participants\u2019 contributions
..............
1,392
3,063
1,523
3,575
Benefits paid
.............................
(41,804)
(31,823)
(43,397)
(34,017)
Acquisition and other
......................
\u2014
104,004
\u2014
66,849
Plan assets at end of year
...................
1,844,819
1,224,656
1,840,586
1,109,394
Effect of the asset ceiling
.......................
\u2014
\u2014
\u2014
\u2014
Net defined benefit liability (asset)
...............
232,332
262,988
124,069
313,869
F-67
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The funded defined benefit obligations and the unfunded defined benefit obligations are as follows:
Yen in millions
March 31,
2022
2023
Japanese plans
Foreign plans
Japanese plans
Foreign plans
Funded defined benefit obligations
...............
1,559,686
1,187,595
1,466,825
1,076,433
Plan assets
...................................
(1,844,819)
(1,224,656)
(1,840,586)
(1,109,394)
Subtotal
.....................................
(285,133)
(37,061)
(373,761)
(32,961)
Unfunded defined benefit obligations
.............
517,465
300,049
497,830
346,830
Total
...................................
232,332
262,988
124,069
313,869
The net defined benefit liability (asset) recognized in the consolidated statement of financial position are
comprised of the following:
Yen in millions
March 31,
2022
2023
Japanese plans
Foreign plans
Japanese plans
Foreign plans
Retirement benefit liabilities
....................
674,425
348,323
642,774
422,734
Other non-current assets (Retirement benefit
assets)
....................................
(442,094)
(85,335)
(518,705)
(108,865)
Net amount recognized
.....................
232,332
262,988
124,069
313,869
(3) The major items of actuarial assumption
The weighted-average discount rates used to determine the present value of defined benefit obligations are
as follows:
March 31,
2022
2023
Japanese plans
Foreign plans
Japanese plans
Foreign plans
Discount rate
.................................
0.7%
3.5%
1.1%
5.0%
(4) Fair value of plan assets
Toyota\u2019s 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. 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.
F-68
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The following table summarizes the fair value of classes of plan assets.
Yen in millions
March 31, 2022
Japanese plans
Foreign plans
Quoted prices in active
markets
Total
Quoted prices in active
markets
Total
Available
Not available
Available
Not available
Stocks
..........................
549,385
\u2014
549,385
195,067
\u2014
195,067
Government bonds
................
112,568
\u2014
112,568
132,172
\u2014
132,172
Bonds (other)
.....................
\u2014
77,048
77,048
\u2014
218,433
218,433
Commingled funds
................
\u2014
489,471
489,471
\u2014
423,525
423,525
Insurance contracts
................
\u2014
220,027
220,027
\u2014
\u2014
\u2014
Other
...........................
225,980
170,340
396,320
30,442
225,016
255,459
Total
.......................
887,933
956,886
1,844,819
357,681
866,975
1,224,656
Yen in millions
March 31, 2023
Japanese plans
Foreign plans
Quoted prices in active
markets
Total
Quoted prices in active
markets
Total
Available
Not available
Available
Not available
Stocks
..........................
440,946
\u2014
440,946
177,564
\u2014
177,564
Government bonds
................
108,570
15
108,585
121,568
\u2014
121,568
Bonds (other)
.....................
\u2014
84,234
84,234
\u2014
185,395
185,395
Commingled funds
................
\u2014
492,915
492,915
\u2014
394,228
394,228
Insurance contracts
................
\u2014
209,261
209,261
\u2014
\u2014
\u2014
Other
...........................
295,452
209,193
504,645
14,520
216,118
230,638
Total
.......................
844,968
995,618
1,840,586
313,652
795,742
1,109,394
\u201cOther\u201d consists of cash equivalents, other private placement investment funds and other assets.
(5) The sensitivity analysis
The following table illustrates the effects on defined benefit obligations of the change in weighted-average
discount rates, assuming all other assumptions are consistent.
Yen in millions
March 31,
2022
2023
Japanese
plans
Foreign
plans
Japanese
plans
Foreign
plans
0.5% decrease
.......................................
172,402
127,889
153,466
237,478
0.5% increase
.......................................
(150,226)
(118,899)
(131,275)
(234,242)
(6) Impact on future cash flow
Contributions to plan assets by TMC and some of its consolidated subsidiaries are determined by various
factors such as employee salary levels and years of service, funded status of plan assets, and actuarial
F-69
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
calculations. In addition, according to the rules of the defined benefit corporate pension law, the corporate
pension fund system recalculates the amount of the balance every five years with the end date of the reporting
period as the base date so that financial balance can be maintained in the future. TMC and some of its
consolidated subsidiaries may make a necessary contribution if the reserve amount is below the minimum reserve
amount.
In the following year (the year ending March 31, 2024), Toyota expects to contribute \u00a538,309 million for
Japanese plans and \u00a516,423 million for Foreign plans to the post-employment 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
2024
...............................................................
86,575
64,890
2025
...............................................................
83,631
67,621
2026
...............................................................
85,148
72,178
2027
...............................................................
88,761
77,576
2028
...............................................................
93,340
83,990
From 2029 to 2033
....................................................
441,966
479,631
Total
...........................................................
879,421
845,886
(7) Benefit obligations for non-retirement pension for retirees and benefit obligations for absentee
Toyota\u2019s 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\u2019s obligation under these arrangements are not material.
(8) Payroll expenses
Payroll expenses included in \u201cCost of products sold\u201d and \u201cSelling, general and administrative\u201d in the
consolidated statement of income (including expenses for post-employment benefit plans) for the years ended
March 31, 2021, 2022 and 2023 are \u00a53,281,292 million, \u00a53,550,882 million and \u00a53,985,518 million, respectively.
24. Liabilities for quality assurance
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 based on the amount estimated from historical experience.
F-70
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Liabilities for product warranties and liabilities for recalls and other safety measures have been combined
into \u201cLiabilities for quality assurance\u201d in the consolidated statement of financial position 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.
The net change in liabilities for quality assurance above for the years ended March 31, 2021, 2022 and 2023
consist of the following:
Yen in millions
For the years ended March 31,
2021
2022
2023
Liabilities for quality assurance at beginning of year
..............
1,552,970
1,482,872
1,555,711
Additional provisions
......................................
345,563
362,180
400,419
Utilization
...............................................
(347,806)
(278,094)
(229,623)
Reversals
................................................
(77,479)
(32,124)
(59,758)
Other
...................................................
9,624
20,877
19,608
Liabilities for quality assurance at end of year
...................
1,482,872
1,555,711
1,686,357
\u201cOther\u201d 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 assurance above for the years ended March 31, 2021, 2022 and 2023.
Yen in millions
For the years ended March 31,
2021
2022
2023
Liabilities for recalls and other safety measures at beginning of
year
..................................................
1,104,711
1,093,689
1,171,213
Additional provisions
......................................
229,763
245,542
231,874
Utilization
...............................................
(228,044)
(165,482)
(178,124)
Reversals
................................................
(16,199)
(9,389)
(35,643)
Other
...................................................
3,458
6,853
4,836
Liabilities for recalls and other safety measures at end of year
......
1,093,689
1,171,213
1,194,156
25. Equity and other equity items
(1) Equity management
Toyota will efficiently invest in maintenance and replacement of conventional manufacturing facilities and
the introduction of new products, and will focus on capital investment and research and development in areas
contributing to strengthening competitiveness and future growth. Through these activities, Toyota aims to
improve corporate value and keep sustainable growth for realization of a new mobility society. Generally, Toyota
Motor Corporation shareholder\u2019s equity cover such activities, with additional short-term and long-term debt, if
necessary.
F-71
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The amount of Toyota Motor Corporation shareholder\u2019s equity and short-term and long-term debt are as
follows:
Yen in millions
March 31,
2022
2023
Toyota Motor Corporation Shareholders\u2019 equity
..............................
26,245,969
28,338,706
Short-term and long-term debt
............................................
26,496,358
29,380,273
(2) Number of shares
The total number of authorized shares of TMC\u2019s common stock was 10,000,000,000, 50,000,000,000 and
50,000,000,000 as of March 31, 2021, 2022 and 2023, respectively.
The changes in the shares of common stock issued are as follows:
For the years ended March 31,
2021
2022
2023
Common stock issued:
Balance at beginning of year
.....................
3,262,997,492
3,262,997,492
16,314,987,460
Changes during the year
.........................
\u2014
13,051,989,968
\u2014
Balance at end of year
..........................
3,262,997,492
16,314,987,460
16,314,987,460
The common stock issued by TMC is a no-parity stock without any limitations on the content of the rights,
and the issued stock is fully paid.
On October 1, 2021, TMC effected a five-for-one stock split of its common stock to shareholders. The total
number
of
authorized
shares
of
TMC\u2019s
common
stock
and
common
stock
issued
was
increased
by
40,000,000,000 and 13,051,989,968, respectively.
The total number of treasury stock was 467,048,832, 2,536,685,916 and 2,749,807,731 as of March 31,
2021, 2022 and 2023, respectively.
(3) Capital surplus and retained earnings
Capital surplus consists of capital reserves and other capital surplus. Retained earnings consist of retained
earnings reserve and other retained earnings. The Companies Act of Japan provides that an amount equal to 10%
of distributions from surplus paid by TMC 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 Companies Act provides that the retained
earnings reserve of TMC 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 TMC available for dividend payments to shareholders were
\u00a511,656,187 million and \u00a513,434,394 million as of March 31, 2022 and 2023, 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\u2019 approval has been
obtained.
F-72
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Retained earnings at March 31, 2023 include \u00a53,506,777 million relating to equity in undistributed earnings
of associates and joint ventures.
(4) Treasury stock
The reissuance and repurchase of treasury stock are as follows:
For the year ended March 31, 2021
Reissuance of treasury stock
Reason for reissuing treasury stock -
At its Directors\u2019 Meeting held on March 24, 2020, TMC resolved to purchase shares issued by NIPPON
TELEGRAPH AND TELEPHONE CORPORATION (\u201cNTT\u201d) and conduct a reissuance of treasury stock
through third-party allotment with NTT as the allottee to form a business and capital alliance with NTT. The
parties entered into a memorandum of understanding concerning the business and capital alliance on the same
day. Based on the agreement, TMC has completed the purchase of NTT shares and reissuance of treasury stock
with NTT as the allottee on April 9, 2020.
Details of matters relating to reissuance -
Number of common shares reissued
............................
29,730,900 shares
Amount of reissuance
........................................
\u00a5199,999 million
For the year ended March 31, 2022
Repurchase of treasury stock
1) Repurchasing of treasury stock resolved at the Board of Directors meeting held on May 12, 2021 and
November 4, 2021
Reason for repurchasing treasury stock -
The repurchase was made to promote capital efficiency by repurchasing flexibly its common stock while
comprehensively considering factors such as its investment in growth, level of its dividends, its cash reserves and
the price level of its common stock.
Details of matters relating to repurchase -
Number of common shares repurchased
.........................
96,196,900 shares
Total purchase price for repurchase of shares
.....................
\u00a5400,000 million
2) Repurchasing of treasury stock resolved at the Board of Directors meeting held on March 23, 2022
Reason for repurchasing treasury stock -
The repurchase was made to promote capital efficiency by repurchasing flexibly its common stock than
before while comprehensively considering factors such as the price level of its common stock.
F-73
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Details of matters relating to repurchase -
Number of common shares repurchased
.........................
2,111,000 shares
Total purchase price for repurchase of shares
.....................
\u00a54,607 million
For the year ended March 31, 2023
Repurchase of treasury stock
1) Repurchasing of treasury stock resolved at the Board of Directors meeting held on March 23, 2022
Reason for repurchasing treasury stock -
The repurchase was made to promote capital efficiency by repurchasing flexibly its common stock than
before while comprehensively considering factors such as the price level of its common stock.
Details of matters relating to repurchase -
Number of common shares repurchased
.........................
44,114,900 shares
Total purchase price for repurchase of shares
.....................
\u00a595,392 million
2) Repurchasing of treasury stock resolved at the Board of Directors meeting held on May 11, 2022 and
November 1, 2022
Reason for repurchasing treasury stock -
The repurchase was made to promote capital efficiency by repurchasing flexibly its common stock than
before while comprehensively considering factors such as the price level of its common stock.
Details of matters relating to repurchase -
Number of common shares repurchased
.......................
169,429,000 shares
Total purchase price for repurchase of shares
...................
\u00a5335,685 million
F-74
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(5) Other components of equity
Other components of equity are as follows:
Yen in millions
Net changes in
revaluation of
financial assets
measured at fair
value through other
comprehensive
income
Remeasurements of
defined benefit
plans
Exchange
differences on
translating foreign
operations
Total
Balance at April 01, 2020
................
954,070
\u2014
(368,520)
585,549
Other comprehensive income, net of
tax
............................
380,814
221,409
410,253
1,012,476
Reclassification to retained earnings
...
(31,321)
(219,047)
\u2014
(250,369)
Other comprehensive income for the
period attributable to non-controlling
interests
........................
(8,211)
(2,362)
(29,357)
(39,930)
Balance at March 31, 2021
...............
1,295,351
\u2014
12,375
1,307,726
Other comprehensive income, net of
tax
............................
(103,131)
151,243
1,095,017
1,143,129
Reclassification to retained earnings
...
(59,110)
(149,602)
\u2014
(208,712)
Other comprehensive income for the
period attributable to non-controlling
interests
........................
1,561
(1,640)
(38,810)
(38,889)
Balance at March 31, 2022
...............
1,134,671
\u2014
1,068,583
2,203,254
Other comprehensive income, net of
tax
............................
(105,435)
82,020
851,129
827,713
Reclassification to retained earnings
...
(94,233)
(72,598)
\u2014
(166,831)
Other comprehensive income for the
period attributable to non-controlling
interests
........................
(1,300)
(9,422)
(17,219)
(27,941)
Balance at March 31, 2023
...............
933,702
\u2014
1,902,493
2,836,195
F-75
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(6) Other comprehensive income
The
breakdown
of
other
comprehensive
income
and
the
corresponding
tax
benefits
(including
non-controlling interests) are as follows:
Yen in millions
For the year ended
March 31, 2021
Before
tax
Tax
effect
After
tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value
through other comprehensive income
Amount incurred during the year
............................
560,225
(172,798)
387,427
Net changes
.............................................
560,225
(172,798)
387,427
Remeasurements of defined benefit plans
Amount incurred during the year
............................
311,360
(95,087)
216,272
Net changes
.............................................
311,360
(95,087)
216,272
Shares of other comprehensive income of equity method investees
Amount incurred during the year
............................
80,472
\u2014
80,472
Net changes
.............................................
80,472
\u2014
80,472
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations
Amount incurred during the year
............................
403,636
\u2014
403,636
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
403,636
\u2014
403,636
Net changes in revaluation of financial assets measured at fair value
through other comprehensive income
Amount incurred during the year
............................
(119,441)
35,938
(83,503)
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
(119,441)
35,938
(83,503)
Shares of other comprehensive income of equity method investees
Amount incurred during the year
............................
8,172
\u2014
8,172
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
8,172
\u2014
8,172
Total other comprehensive income
...................................
1,244,424
(231,947) 1,012,476
F-76
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
For the year ended
March 31, 2022
Before
tax
Tax
effect
After
tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value
through other comprehensive income
Amount incurred during the year
............................
(71,641)
22,399
(49,242)
Net changes
.............................................
(71,641)
22,399
(49,242)
Remeasurements of defined benefit plans
Amount incurred during the year
............................
188,239
(51,989)
136,250
Net changes
.............................................
188,239
(51,989)
136,250
Shares of other comprehensive income of equity method investees
Amount incurred during the year
............................
113,641
\u2014
113,641
Net changes
.............................................
113,641
\u2014
113,641
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations
Amount incurred during the year
............................
902,844
\u2014
902,844
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
902,844
\u2014
902,844
Net changes in revaluation of financial assets measured at fair value
through other comprehensive income
Amount incurred during the year
............................
(220,711)
66,536
(154,175)
Reclassification to profit (loss)
..............................
1
(0)
1
Net changes
.............................................
(220,710)
66,536
(154,174)
Shares of other comprehensive income of equity method investees
Amount incurred during the year
............................
193,811
\u2014
193,811
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
193,811
\u2014
193,811
Total other comprehensive income
...................................
1,106,184
36,945
1,143,129
F-77
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
For the year ended
March 31, 2023
Before
tax
Tax
effect
After
tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value
through other comprehensive income
Amount incurred during the year
............................
144,160
(44,936)
99,223
Net changes
.............................................
144,160
(44,936)
99,223
Remeasurements of defined benefit plans
Amount incurred during the year
............................
112,151
(46,998)
65,153
Net changes
.............................................
112,151
(46,998)
65,153
Shares of other comprehensive income of equity method investees
Amount incurred during the year
............................
(77,148)
\u2014
(77,148)
Net changes
.............................................
(77,148)
\u2014
(77,148)
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations
Amount incurred during the year
............................
676,042
\u2014
676,042
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
676,042
\u2014
676,042
Net changes in revaluation of financial assets measured at fair value
through other comprehensive income
Amount incurred during the year
............................
(165,477)
49,738
(115,738)
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
(165,477)
49,738
(115,738)
Shares of other comprehensive income of equity method investees
Amount incurred during the year
............................
180,181
\u2014
180,181
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
180,181
\u2014
180,181
Total other comprehensive income
...................................
869,909
(42,196)
827,713
F-78
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(7) Dividends
The paid dividend amounts are as follows:
For the year ended March 31, 2021
Resolution
Type of shares
Total amount
of dividends
(yen in millions)
Dividend per share
(yen)
Record date
Effective date
The Board of
Directors Meeting
on May 12,
2020
..........
Common shares
331,938
120.00
March 31, 2020
May 28, 2020
The Board of
Directors Meeting
on November 6,
2020
..........
Common shares
293,576
105.00
September 30, 2020 November 27, 2020
For the year ended March 31, 2022
Resolution
Type of shares
Total amount
of dividends
(yen in millions)
Dividend per share
(yen)
Record date
Effective date
The Board of
Directors Meeting
on May 12,
2021
..........
Common shares
377,453
135.00
March 31, 2021
May 28, 2021
The Board of
Directors Meeting
on November 4,
2021
..........
Common shares
332,419
120.00
September 30, 2021 November 25, 2021
On October 1, 2021, TMC effected a five-for-one stock split of its common stock to shareholders.
\u201cDividend per share\u201d presents the amount prior to the stock split.
For the year ended March 31, 2023
Resolution
Type of shares
Total amount
of dividends
(yen in millions)
Dividend per share
(yen)
Record date
Effective date
The Board of
Directors Meeting
on May 11,
2022
..........
Common shares
385,792
28.00
March 31, 2022
May 27, 2022
The Board of
Directors Meeting
on November 1,
2022
..........
Common shares
342,187
25.00
September 30, 2022 November 22, 2022
F-79
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Dividends of which record date falls within the year ended March 31, and effective date is after the year
ended March 31 are as follows:
For the year ended March 31, 2023
Resolution
Type of shares
Total amount
of dividends
(yen in millions)
Dividend per share
(yen)
Record date
Effective date
The Board of
Directors Meeting
on May 10,
2023
..........
Common shares
474,781
35.00
March 31, 2023
May 26, 2023
26. Sales revenues
(1) Summary by business segments and products
The table below shows Toyota\u2019s sales revenues from external customers by business and by product
category.
Yen in millions
For the years ended March 31
2021
2022
2023
Sales of products
Automotive
Vehicles
........................................
20,509,606
23,739,442
28,394,256
Parts and components for production
.................
1,287,053
1,504,215
1,710,422
Parts and components for after service
................
2,049,187
2,407,143
2,866,196
Other
..........................................
752,000
881,193
805,995
Total automotive
.............................
24,597,846
28,531,993
33,776,870
All other
............................................
479,553
541,436
590,749
Total sales of products
.........................
25,077,398
29,073,428
34,367,619
Financial services
........................................
2,137,195
2,306,079
2,786,679
Total sales revenues
......................
27,214,594
31,379,507
37,154,298
The majority of sales of products are revenues recognized from contracts with customers under IFRS 15
\u201cRevenue from Contracts with Customers\u201d (\u201cIFRS 15\u201d), and receivables related to such revenues are recognized
as \u201cTrade accounts and other receivables\u201d.
The breakdown of income from leases included in financial service revenues is as follows:
Yen in millions
For the years ended March 31,
2021
2022
2023
Finance leases
Financial income related to net lease investment
............
106,724
134,512
164,820
Operating leases
.........................................
1,017,707
1,093,545
1,169,018
Total
..........................................
1,124,431
1,228,057
1,333,838
F-80
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Financial service revenues other than income from leases mainly consist of interest income using
the effective interest method. The amount of interest income using the effective interest method is not significant.
For
the
years
ended
March
31,
2021,
2022
and
2023
\u00a5125,748
million,
\u00a5138,718
million
and
\u00a5166,220 million of financial service revenues were accounted for under IFRS 15.
(2) Contract liabilities
Contract liabilities consist of the following:
Yen in millions
April 1, 2021
March 31,
2022
2023
Contract liabilities
........................................
854,679
989,959
1,068,212
Contract liabilities are primarily related to advances received from customers. Contract liabilities are
included in \u201cOther current liabilities\u201d and \u201cOther non-current liabilities\u201d in the consolidated statement of
financial position. For the year ended March 31, 2022 and 2023, the amounts transferred from contract liabilities
at the beginning of the fiscal year to sales revenue were \u00a5444,781 million and \u00a5529,016 million, respectively.
(3) Performance obligations
The aggregate amounts of transaction prices allocated to unsatisfied performance obligations related to
contracts that have original expected durations in excess of one year were \u00a5796,769 million and \u00a5834,624 million
as of March 31, 2022 and 2023, respectively. The main contents of unsatisfied performance obligations are
insurance revenues and maintenance revenues.
For insurance revenues, Toyota receives payment agreed upon in the contract at the inception of the
contract, and revenue is recognized over the term of the contract, which ranges from three to 120 months. As of
March 31, 2022, the unsatisfied performance obligations related to insurance revenues were \u00a5295,648 million,
and Toyota expected to recognize as revenue \u00a582,215 million in fiscal 2023, and \u00a5213,432 million thereafter. As
of March 31, 2023, the unsatisfied performance obligations related to insurance revenues were \u00a5352,239 million,
and Toyota expects to recognize as revenue \u00a5101,392 million in fiscal 2024, and \u00a5250,847 million thereafter.
For maintenance revenues, Toyota receives payments agreed upon in the contract at the inception of the
contract, and revenue is recognized over the term of the contract, which ranges from 18 to 84 months.
Unsatisfied performance obligations for sales of products related to contracts that have an original expected
duration of one year or less have been excluded from this disclosure.
F-81
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
27. Research and development cost
Research and development costs consist of the following:
Yen in millions
For the years ended March 31,
2021
2022
2023
Research and development expenditures incurred during the year
.........
1,090,424
1,124,262
1,241,686
Amount capitalized
.............................................
(158,246)
(200,512)
(181,634)
Amortization of capitalized development costs
.......................
152,542
167,926
164,512
Total
....................................................
1,084,721
1,091,675
1,224,564
28. Other finance income and costs
Other finance income and costs consist of the following:
Yen in millions
For the years ended March 31,
2021
2022
2023
Other finance income
Interest income
Financial assets measured at amortized cost
..................
17,526
16,920
101,737
Financial assets measured at fair value through other
comprehensive income
................................
88,074
84,592
132,365
Dividend income
Financial assets measured at fair value through other
comprehensive income
................................
88,837
94,833
109,308
Other
....................................................
240,791
138,416
35,939
Total
............................................
435,229
334,760
379,350
Other finance costs
Interest expense
Financial liabilities measured at amortized cost
...............
(42,421)
(32,458)
(47,356)
Other
....................................................
(5,116)
(11,539)
(77,757)
Total
............................................
(47,537)
(43,997)
(125,113)
The decrease in \u201cOther finance income\u2014Other\u201d was due mainly to a decrease during fiscal 2023 in profit
on securities revaluation.
F-82
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
29. Earnings per share
Reconciliation of the difference between basic and diluted earnings per share attributable to Toyota Motor
Corporation are as follows:
Yen in millions
Thousands
of shares
Yen
Net income
attributable to Toyota
Motor Corporation
Weighted-average
common shares
Earnings per share
attributable to Toyota
Motor Corporation
For the year ended March 31, 2021
Net income attributable to Toyota Motor
Corporation
.............................
2,245,261
Basic earnings per share attributable to Toyota
Motor Corporation
....................
2,245,261
13,976,442
160.65
Effect of dilutive securities
Model AA Class Shares
..................
12,569
229,694
Diluted earnings per share attributable to Toyota
Motor Corporation
........................
2,257,830
14,206,137
158.93
For the year ended March 31, 2022
Net income attributable to Toyota Motor
Corporation
.............................
2,850,110
Basic earnings per share attributable to Toyota
Motor Corporation
....................
2,850,110
13,887,348
205.23
Effect of dilutive securities
Model AA Class Shares
..................
23
311
Diluted earnings per share attributable to Toyota
Motor Corporation
........................
2,850,132
13,887,659
205.23
For the year ended March 31, 2023
Net income attributable to Toyota Motor
Corporation
.............................
2,451,318
Basic earnings per share attributable to Toyota
Motor Corporation
....................
2,451,318
13,658,382
179.47
Effect of dilutive securities
Model AA Class Shares
..................
\u2014
\u2014
Diluted earnings per share attributable to Toyota
Motor Corporation
........................
2,451,318
13,658,382
179.47
In addition to the disclosure requirements under IFRS, Toyota discloses the information below in order to
provide financial statements users with valuable information.
F-83
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The following table shows Toyota Motor Corporation shareholders\u2019 equity per share. Toyota Motor
Corporation shareholders\u2019 equity per share amounts are calculated by dividing Toyota Motor Corporation
shareholders\u2019 equity in the consolidated statement of financial position by common shares issued and outstanding
at the end of the year (excluding treasury stock).
Yen in millions
Thousands
of shares
Yen
Toyota Motor
Corporation
shareholders\u2019 equity
Common shares issued
and outstanding at the
end of the year
(excluding treasury
stock)
Toyota Motor
Corporation
shareholders\u2019 equity
per share
As of March 31, 2022
.......................
26,245,969
13,778,302
1,904.88
As of March 31, 2023
.......................
28,338,706
13,565,180
2,089.08
On October 1, 2021, TMC effected a five-for-one stock split of its common stock to shareholders. \u201cBasic
earnings per share attributable to Toyota Motor Corporation\u201d, \u201cDiluted earnings per share attributable to Toyota
Motor Corporation\u201d and \u201cToyota Motor Corporation shareholders\u2019 equity per share\u201d are calculated based on the
assumption that the stock split was implemented at the beginning of the earliest period presented in this note.
\u201cDiluted earnings per share attributable to Toyota Motor Corporation\u201d equals \u201cBasic earnings per share
attributable to Toyota Motor Corporation\u201d for the year ended March 31, 2023, because there were no potential
dilutive shares during that period as the acquisition of all outstanding First Series Model AA Class Shares took
place on April 2, 2021, and the cancellation of all First Series Model AA Class Shares was completed on April 3,
2021
30. Contractual commitments and contingent liabilities
(1) Contractual commitments
Contractual commitments relating to purchase of property, plant and equipment, other assets, and services
are \u00a5349,143 million, \u00a5522,336 million as of March 31, 2022 and 2023.
(2) Guarantees
Toyota enters into contracts with Toyota dealers to guarantee customers\u2019 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, 2023,
range from 1 month to 8 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 payment.
The maximum potential amount of future payments are \u00a53,641,978 million and \u00a53,600,631 million as of
March 31, 2022 and 2023. Liabilities for guarantees totaling \u00a521,869 million, and \u00a516,759 million have been
provided as of March 31, 2022 and 2023. Under these guarantee contracts, Toyota is entitled to recover any
amount paid by Toyota from the customers whose original obligations Toyota has guaranteed.
(3) Market treatment such as recalls, damages and lawsuits
Toyota and other automakers have been named in certain class actions filed in Mexico, Australia, Israel and
Brazil relating to Takata airbag issues. The actions in Israel and Brazil are being litigated. The actions in Mexico
and Australia have been resolved.
F-84
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Toyota is named as a defendant in an economic loss class action lawsuit in Australia in which damages are
claimed on the basis that diesel particulate filters in certain vehicle models are defective. Toyota received an
unfavourable judgment both in the primary court on April 7, 2022 and in the appeal court on March 27, 2023.
The judgments included a finding that there was a perceived reduction in vehicle value of certain vehicle models.
Toyota disagrees with the judgments and has filed an application for a further appeal. Other claims of economic
loss in this class action lawsuit continue to be litigated at the court of first instance. In estimating the provision
we should record in the consolidated financial statements as a result of the aforementioned judgments, Toyota
has considered various factors including the legal and factual circumstances of the case, the contents of the
judgements, and the views of legal counsel. The currently estimated probable economic outflow related to the
class action is immaterial to Toyota\u2019s consolidated financial position, results of operations and cash flows. At this
stage, however, the final outcome and therefore ultimate financial liability for Toyota on account of this matter
cannot be predicted with certainty.
In April 2020, Toyota reported possible anti-bribery violations related to a Thai subsidiary to the SEC and
the Department of Justice (\u201cDOJ\u201d), and is cooperating with their investigations. Investigations by governmental
authorities related to these matters could result in the imposition of civil or criminal penalties, fines or other
sanctions, or litigation. Toyota cannot predict the scope, duration or outcome of these matters at this time.
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, as well as intellectual property litigation, 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. Therefore,
for all of the aforementioned matters, which Toyota is in discussions to resolve, any losses that are beyond the
amounts accrued could have an adverse effect on Toyota\u2019s financial position, results of operations or cash flows.
TMC 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, 2023.
31. Details of company organization
(1) Major subsidiaries
Toyota primarily conducts business in the automotive industry. Toyota also conducts business in finance
and other industries.
Toyota\u2019s major subsidiaries are as follows:
Automobiles are mainly manufactured by TMC, Hino Motors Ltd. and Daihatsu Motor Co., Ltd., but some
of them are outsourced in Japan. Toyota Motor Manufacturing Kentucky, Inc. and others manufacture overseas.
Auto parts are manufactured by TMC and others. These products are sold through dealers such as TOYOTA
Mobility Tokyo Inc. in Japan, and through dealers such as Toyota Motor Sales, U.S.A., Inc. overseas.
In the financing business, Toyota Finance Corporation and others provide sales finance services in Japan
and Toyota Motor Credit Corporation and others overseas.
F-85
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Other business consists of information technology-related businesses and other businesses.
(2) Structured entities
(i)
Consolidated structured entities
Toyota periodically securitizes receivables related to financial services and vehicles on leases for liquidity
and funding purposes and transfers them to special purpose entities. Toyota is deemed to have the power to direct
the activities of these entities that most significantly impact the entities\u2019 economic performances. Therefore,
Toyota has consolidated them.
The creditors of these entities do not have recourse to Toyota\u2019s 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 equity in investment trusts and other special purpose entities. With respect to some of the
investment trusts, Toyota has both the obligation to absorb losses of or the right to receive benefits from the
investment trusts that could potentially be significant to the investment trusts and the power to direct the
activities of the investment trusts that most significantly impact the investment trusts\u2019 economic performance
through the asset manager. Therefore, Toyota has consolidated them.
Related to securitization transactions, \u00a53,367,601 million and \u00a55,037,203 million receivables related to
financial
services,
\u00a53,882,623
million
and
\u00a55,245,195
million
secured
debt
were
included
in
Toyota\u2019s
consolidated financial statements as of March 31, 2022 and 2023, respectively.
(ii)
Unconsolidated structured entities
Other investment trusts and other special purpose entities are instructed based on contractual arrangements,
and are designed so that voting or similar rights are not the dominant factor in deciding who controls the entities.
The trusts and the special purpose entities are defined as structured entities but are determined that Toyota lacks
the power to direct the activities of these investments that most significantly impact the trust\u2019s economic
performance and, therefore does not consolidate the investment trusts and the special purpose entities.
Investments in the investment trusts and the special purpose entities are held at fair value and are included in
\u201cOther financial assets\u201d in the consolidated statement of financial position. The maximum exposure to loss is
limited to the carrying value of its investment. The carrying value of the trusts totaled \u00a518,829 million and
\u00a517,217 million as of March 31, 2022 and 2023, respectively. The carrying value of the special purpose entities
totaled \u00a51,073,137 million and \u00a5784,826 million as of March 31, 2022 and 2023, respectively. Toyota does not
provide support that is not contractually required to the investments.
F-86
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
32. Related party transactions
(1) Transactions with associates and joint ventures
The balances and turnover of receivables and payables with associates and joint ventures accounted for
under the equity method are as follows:
Yen in millions
March 31,
2022
2023
Trade accounts and other receivables
Associates
..........................................................
302,212
447,400
Joint ventures
........................................................
64,195
85,275
Total
..........................................................
366,407
532,674
Trade accounts and other payables
Associates
..........................................................
1,086,397
1,459,209
Joint ventures
........................................................
5,112
695
Total
..........................................................
1,091,509
1,459,904
Yen in millions
For the years ended March 31,
2021
2022
2023
Sales revenues
Associates
................................................
1,138,144
1,948,681
2,821,963
Joint ventures
..............................................
499,437
413,703
722,278
Total
................................................
1,637,582
2,362,384
3,544,240
Cost of products sold (purchases)
Associates
................................................
5,983,797
7,946,788
9,891,804
Joint ventures
..............................................
51,434
308
59,703
Total
................................................
6,035,231
7,947,095
9,951,507
Dividends from associates and joint ventures accounted for under the equity method are \u00a5252,557 million
and \u00a5349,632 million for the years ended March 31, 2022 and 2023, respectively. In addition, Toyota does not
engage in transactions with associates and joint ventures outside of the normal course of business.
(2) Compensation of key management
The compensation for the directors and audit & supervisory board members of TMC is as follows:
Yen in millions
For the years ended March 31,
2021
2022
2023
Monthly compensation
..........................................
987
1,083
1,226
Bonus
........................................................
748
196
397
Share compensation
.............................................
364
772
808
Other
........................................................
747
\u2014
\u2014
Total
....................................................
2,847
2,051
2,430
F-87
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
\u201cOther\u201d refers to income tax compensation that was granted to a member of the Board of Directors,
Mr. Didier Leroy, with respect to his remuneration during the period in which he served as a member of the
Board of Directors. Mr. Leroy retired on June 11, 2020.
33. Supplemental cash flow information
\u201cOther,
net\u201d
in
cash
flows
from
investing
activities
includes
a
net
decrease
in
time
deposits
of
\u00a52,070,726 million and a net decrease in time deposits of \u00a5307,970 million for the year ended March 31, 2022
and 2023, respectively.
34. Significant subsequent events
On May 30, 2023, Toyota, Daimler Truck, MFTBC and Hino concluded a memorandum of understanding
on accelerating the development of advanced technologies and conducting a business combination of MFTBC
and Hino so as to collaborate toward achieving carbon neutrality, create a prosperous mobility society by
developing CASE technologies and strengthening the commercial vehicle business on a global scale, and build a
globally competitive Japanese commercial vehicle manufacturer.
MFTBC and Hino will become wholly owned subsidiaries of a new listed holding company. Toyota and
Daimler Truck will equally invest in the holding company and will collaborate on the development of hydrogen
and other CASE technologies to support the competitiveness of the new company. The parties endeavor to
develop and execute definitive agreements related to this transaction, including those concerning details related
to the scope and nature of the collaboration, including the name, location, shareholding ratio and corporate
structure of the new holding company, during the fiscal year ended March 31, 2024 and expect to close the
transaction by December 31, 2024. Accordingly, we cannot currently estimate the impact of this agreement on
Toyota\u2019s consolidated financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13619": {
"value": "1. Reporting entity
TMC is a limited liability, joint-stock company located in Japan, and TMC\u2019s principal executive offices are
registered in Toyota City, Aichi Prefecture. The consolidated financial statements of the group consist of TMC,
its consolidated subsidiaries (collectively, \u201cToyota\u201d) and their interests in associates and joint ventures.
Toyota and its associates are primarily engaged in the design, manufacture, and sale of sedans, minivans,
compact cars, SUVs, trucks and related parts and accessories throughout the world. In addition, Toyota and its
associates provide financing, vehicle 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 associates.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13624": {
"value": "limited liability, joint-stock company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13625": {
"value": "Japan",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13626": {
"value": "Japan",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13628": {
"value": "Toyota City, Aichi Prefecture",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13630": {
"value": "Toyota and its associates are primarily engaged in the design, manufacture, and sale of sedans, minivans,
compact cars, SUVs, trucks and related parts and accessories throughout the world. In addition, Toyota and its
associates provide financing, vehicle 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 associates.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13638": {
"value": "2. Basis of preparation
(1) Compliance with international financial reporting standards
Toyota\u2019s consolidated financial statements have been prepared in accordance with IFRS as issued by the
IASB.
The consolidated financial statements were approved on June 30, 2023 by President, member of the Board
of Directors Koji Sato and CFO, member of the Board of Directors Yoichi Miyazaki.
(2) Basis of measurement
Toyota\u2019s consolidated financial statements have been prepared on a historical cost basis, except for certain
financial assets and liabilities measured at fair value and assets and liabilities associated with defined benefit
plans indicated in \u201c3. Significant accounting policies\u201d.
(3) Functional currency and presentation currency
The consolidated financial statements are presented in Japanese yen, which is the functional currency of
TMC. All financial information presented in Japanese yen has been rounded to the nearest million Japanese yen,
except when otherwise indicated. Amounts may not sum to totals due to rounding.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13641": {
"value": "(1) Compliance with international financial reporting standards
Toyota\u2019s consolidated financial statements have been prepared in accordance with IFRS as issued by the
IASB.
The consolidated financial statements were approved on June 30, 2023 by President, member of the Board
of Directors Koji Sato and CFO, member of the Board of Directors Yoichi Miyazaki.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13646": {
"value": "The consolidated financial statements were approved on June 30, 2023 by President, member of the Board
of Directors Koji Sato and CFO, member of the Board of Directors Yoichi Miyazaki.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13651": {
"value": "(2) Basis of measurement
Toyota\u2019s consolidated financial statements have been prepared on a historical cost basis, except for certain
financial assets and liabilities measured at fair value and assets and liabilities associated with defined benefit
plans indicated in \u201c3. Significant accounting policies\u201d.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13658": {
"value": "(3) Functional currency and presentation currency
The consolidated financial statements are presented in Japanese yen, which is the functional currency of
TMC. All financial information presented in Japanese yen has been rounded to the nearest million Japanese yen,
except when otherwise indicated. Amounts may not sum to totals due to rounding.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13666": {
"value": "3. Significant accounting policies
Basis of consolidation -
(1) Subsidiaries
The consolidated financial statements include the accounts of TMC, its subsidiaries that are controlled by
TMC, and those structured entities that are controlled by Toyota. Toyota controls an entity when Toyota is
exposed or has rights to variable returns from involvement with the entity, and has the ability to affect those
returns by using its power over the entity.
The financial statements of subsidiaries have been adjusted in order to ensure consistency with the
accounting policies adopted by Toyota as necessary. All significant intercompany balances and transactions as
well as the unrealized profit have been eliminated in consolidation.
Changes in a subsidiary\u2019s ownership interests that do not result in a loss of control are accounted for as
equity transactions. When control over a subsidiary is lost, any gain or loss on the disposal of the interest sold is
recognized in profit or loss.
F-11
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(2) Associates and joint ventures
Associates are entities over which Toyota has a significant influence over the decisions on financial and
operating policies, but does not have control or joint control.
Joint ventures are entities over which two or more parties including Toyota have joint control, based on a
contractual arrangement, and financial and business decisions about the relevant activities of which require
unanimous consent of the parties that have joint control.
Investments in associates and joint ventures are accounted for using the equity method. The financial
statements of associates and joint ventures have been adjusted in order to ensure consistency with the accounting
policies adopted by Toyota as necessary.
When the use of the equity method is discontinued from the date when the investees are determined to be no
longer associates or joint ventures, any gain or loss on such disposal of the investment is recognized in profit or
loss.
Foreign currency translation -
(1) Foreign currency transactions
Foreign currency transactions are translated into the respective functional currencies of Toyota at the
exchange rates prevailing when such transactions occur. All foreign currency receivables and payables are
translated into the respective functional currencies at the applicable exchange rates at the end of the reporting
period. Non-monetary assets and liabilities in foreign currencies that are measured at fair value are translated into
the functional currency using the exchange rate on the date when the fair value was measured. Gains or losses on
exchange differences arising from settlement of foreign currency receivables and payables or on their translations
at the end of the reporting date are recognized in profit or loss. Furthermore, exchange differences arising from
equity financial assets measured at fair value through other comprehensive income is recognized as other
comprehensive income.
(2) Foreign operations
All assets and liabilities of foreign subsidiaries, associates and joint ventures (collectively, \u201cforeign
operations\u201d) that use a functional currency other than Japanese yen are translated into Japanese yen at the
exchange rates at the end of the reporting period. All revenues and expenses of foreign operations are translated
into Japanese yen at the average exchange rate for the period unless the exchange rate fluctuates widely.
Exchange differences arising from such translations are recognized in other comprehensive income and
accumulated in other components of equity in the consolidated statement of financial position. When a foreign
operation is disposed of, and control, significant influence or joint control over the foreign operation is lost, the
cumulative amount of exchange differences relating to the foreign operation is reclassified from equity to profit
or loss.
Cash and cash equivalents -
Cash and cash equivalents consist of cash on hand, demand deposits, and short-term investments that are
readily convertible to cash and are subject to insignificant risk of changes in value with three months or less
maturities from the acquisition date.
F-12
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Financial instruments -
(1) Financial assets
(i) Initial recognition and measurement
Toyota initially recognizes financial assets when it becomes a party to a contract and except for derivatives,
classifies financial assets into \u201cfinancial assets measured at amortized cost\u201d, \u201cdebt and equity financial assets
measured at fair value through other comprehensive income\u201d or \u201cfinancial assets measured at fair value through
profit or loss\u201d. The sale or purchase of financial assets that occurred in the normal course of business are
recognized and derecognized at the trade date.
Financial assets classified as being measured at fair value through profit or loss are measured at fair value,
but other financial assets are initially recognized and measured at fair value adding transaction costs directly
attributable to acquisition. Trade receivables that do not contain significant financial elements are measured at
the transaction price.
(a) Financial assets measured at amortized cost
Toyota classifies a financial asset as measured at amortized cost if both of the following conditions are met:
The asset is held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows; and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
(b) Debt financial assets measured at fair value through other comprehensive income
Debt financial assets are measured at fair value through other comprehensive income only if it meets both of
the following conditions:
The asset is held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets; and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
(c) Equity financial assets measured at fair value through other comprehensive income
For equity financial assets such as shares held mainly for the purpose of maintaining or enhancing business
relationships with investees are irrevocably designated at initial recognition, as financial assets measured at fair
value through other comprehensive income.
(d) Financial assets measured at fair value through profit or loss
Financial assets other than (a) to (c) are classified as financial assets measured at fair value through profit or
loss.
(ii) Subsequent measurement
After initial recognition, financial assets are measured based on the following classification.
F-13
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(a) Financial assets measured at amortized cost
Financial assets measured at amortized cost are measured at amortized cost using the effective interest
method.
(b) Debt financial assets measured at fair value through other comprehensive income
Subsequent changes in fair value of the financial assets are recognized as other comprehensive income.
Impairment gains or losses, interest income and foreign exchange gains and losses are recognized in profit or
loss. When the financial assets are derecognized, the cumulative gain or loss recognized in other comprehensive
income is reclassified from other components of equity to profit or loss.
(c) Equity financial assets measured at fair value through other comprehensive income
Subsequent changes in fair value of the financial assets are recognized as other comprehensive income.
When the financial assets are derecognized, the cumulative gain or loss recognized through other comprehensive
income is reclassified from other components of equity to retained earnings. Dividends from equity financial
assets are recognized in profit or loss.
(d) Financial assets measured at fair value through profit or loss
Subsequent changes in the fair value of the financial assets are recognized in profit or loss.
(iii) Impairment of financial assets
An allowance for credit losses is provided for expected credit losses on financial assets that are measured at
amortized cost as well as debt financial assets measured at fair value through other comprehensive income. An
allowance for credit losses is also provided for expected credit losses on loan commitments or financial guarantee
agreements that are off-balance sheet credit exposures.
At the end of the reporting period, Toyota assesses whether the credit risk on financial assets have
significantly increased since initial recognition. At the end of the reporting period, if Toyota identifies a
significant increase in credit risk, allowances for credit losses are measured as being equal to the amount of
expected credit losses that would result from default events that are possible over the expected life of a financial
asset. At the end of the reporting period, if the credit risk for a financial instrument has not increased
significantly since its initial recognition, allowances for credit losses are measured as being equal to the amount
of the expected credit losses caused by default events that may occur within 12 months from the end of the
reporting period.
For accounts receivable that are included in \u201cTrade accounts and other receivables\u201d and finance lease
receivables, the allowance is continuously measured at amounts equal to expected credit losses over the expected
life of financial assets.
The amount of expected credit losses is measured as the present value of all cash short falls resulting from
the difference between the cash flows due to Toyota in accordance with the contract and cash flows that Toyota
expects to receive, and such amount is recognized in profit or loss. A reversal of the allowance for credit losses
resulting from a reduction in the amount of expected credit losses is recognized in profit or loss.
If there is objective evidence of impairment such as significant financial difficulty of a borrower, or a
default or delinquency by a borrower, interest income is measured applying the effective interest method to the
F-14
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
net carrying amount of the financial asset (after deducting the allowance for credit loss). Financial assets are
written off either partially or fully when there is no reasonable expectation of recovering a financial asset in its
entirely or a portion thereof.
(iv) Derecognition of financial assets
Toyota derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or
when Toyota transfers the contractual right to receive cash flows from financial assets in transactions in which
substantially all the risks and rewards of ownership of the asset are transferred to another entity. Even if Toyota
transfers a financial asset, it neither transfers nor holds substantially all the risks and rewards of ownership of
such transferred financial asset. Further, in cases where Toyota continues to control such a transferred financial
asset, Toyota recognizes the retained interest on such financial asset and the relevant liabilities that might
possibly be paid in association therewith.
(2) Financial liabilities
(i) Initial recognition and measurement
Toyota initially measures financial liabilities other than derivatives at fair value less transaction costs
directly attributable to the issuance of financial liabilities.
(ii) Subsequent measurement
Toyota subsequently measures financial liabilities at amortized cost using the effective interest method.
Amortization under the effective interest method and gain or losses on derecognition are recognized as finance
income or costs and recognized in profit or loss.
(iii) Derecognition of financial liabilities
Toyota derecognizes financial liabilities when the financial liabilities expire, that is, when the liability
identified in the contract expires due to performance, discharges, cancels, or expires.
(3) Derivative financial instruments
Toyota employs derivative financial instruments, including forward foreign 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 transactions are
measured at fair value as assets or liabilities.
Toyota does not use derivative financial instruments for speculative or trading purposes.
Finance receivables -
Finance receivables recorded on Toyota\u2019s consolidated statement of financial position are net of any
unearned financial 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.
F-15
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The determination of finance receivable portfolios is based primarily on the qualitative consideration of the
nature of Toyota\u2019s business operations and finance receivables. The three portfolios within finance receivables
are as follows:
(1) Retail receivables portfolio
The retail receivables portfolio consists of retail installment sales contracts acquired mainly from dealers
(\u201cauto loans\u201d) 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 manages the retail receivables portfolio as one portfolio based on common risk characteristics
associated with the underlying finance receivables, the similarity of the credit risks, and the quantitative
materiality.
(2) Finance lease receivables portfolio
Finance lease receivables are related to new vehicle lease contracts. 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
manages
the
finance
lease
receivables
portfolio
as
one
portfolio
based
on
common
risk
characteristics associated with the underlying finance receivables and the similarity of the credit risks.
(3) Wholesale and other dealer loan receivables portfolio
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.
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 manages the wholesale and other dealer loan receivables portfolio as one portfolio based on the risk
characteristics associated with the underlying finance receivables.
Allowance for credit losses on finance receivables -
The allowance for credit losses on finance receivables is measured at the portfolio level, based on a
systematic, ongoing review and evaluation performed as part of the credit risk evaluation process, historical loss
F-16
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
experience, the size and composition of the portfolios, current economic events and conditions, the estimated fair
value and adequacy of collateral, forward-looking information including movements of the world economy and
other pertinent factors. Furthermore, portfolios are grouped based on similarities of risk characteristics, such as
product and collateral classes, when calculating expected credit losses in the aggregate.
(1) Retail receivables portfolio
With respect to retail receivables, Toyota reviews whether the credit risk on finance receivables has
increased significantly. To evaluate the risk, Toyota uses the changes for the possibility of a credit loss occurring
or days in arrears as an index. Toyota assesses the significant increases in credit risk when contractual payments
are more than 30 days past due. When the credit risk on finance receivables has not increased significantly since
initial recognition, Toyota measures the loss allowance for that finance receivables at an amount equal to
12-month expected credit losses at the reporting date.
Meanwhile, Toyota measures the loss allowance for finance receivables at an amount equal to the lifetime
expected credit losses if the credit risk on that finance receivables has increased significantly since initial
recognition at the reporting date. Toyota calculates the loss allowance for finance receivables at an amount equal
to the lifetime expected credit losses by considering historical credit loss experience and future collectability,
when there is evidence that finance receivables is credit-impaired such as a breach of contract due to default or
delayed contractual payments.
In calculating expected credit losses, Toyota uses the probability of a default and the loss rate in the event of
a default based on past experience and then reflects its forecasts of current and future economic conditions.
Suspension of payment over a certain period of time and or situations which contractual obligations are not
being met are considered as being in default in accordance with internal management rules.
(2) Finance lease receivables portfolio
With respect to the finance lease receivables portfolio, Toyota always measures loss allowance at an amount
equal to lifetime expected credit losses. Suspension of payment over a certain period of time and/or situations
which contractual obligations are not being met are considered as being in default in accordance with internal
management rules.
(3) Wholesale and other dealer loan receivables portfolio
With respect to the wholesale and other dealer loan receivables portfolio, receivables are sorted primarily by
credit qualities based on internal risk assessments. Toyota reviews the change of the segment as an index whether
the credit risk on finance receivables has increased significantly since initial recognition to assess these
receivables for credit risk. Toyota assesses the significant increases in credit risk when contractual payments are
more than 30 days past due. If the credit risk on finance receivables has not increased significantly since initial
recognition, Toyota measures the loss allowance for that finance receivables at an amount equal to 12-month
expected credit losses at the reporting date.
Meanwhile, Toyota measures the loss allowance for finance receivables at an amount equal to the lifetime
expected credit losses if the credit risk on that finance receivables has increased significantly since initial
recognition at the reporting date. Toyota calculates the loss allowance for finance receivables at an amount equal
to the lifetime expected credit losses by considering historical credit loss experience and future collectability,
when there is evidence that finance receivables are credit-impaired such as a debtor\u2019s worsened financial
conditions, breach of contract due to default or delayed contractual payments.
F-17
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
In calculating expected credit losses, Toyota uses the probability of a default and the loss rate in the event of
a default based on past experience and then reflects its forecasts of current and future economic conditions.
Suspension of payment over a certain period of time and/or situations where contractual obligations are not
being met are considered as defaults in accordance with internal management rules.
Although Toyota considers the allowance for credit losses on finance receivables to be adequate based on
information currently available, additional provisions may be necessary due to (i) changes in management
estimates and assumptions about asset impairments, (ii) information that indicates changes in expected future
cash flows, or (iii) changes in economic and other events and conditions. Future changes in the economy that
impact the consumer confidence such as increasing interest rates and a rise in the unemployment rate as well as
higher debt balances, coupled with deterioration in actual and expected used vehicle values, could negatively
affect future operating results of the financial services operations.
Inventories -
Inventories are valued at cost, not in excess of net realizable value. Net realizable value is the estimated
selling price in the ordinary course of business less the estimated original cost and estimated selling expense to
product completion. The cost of inventories includes purchase costs, conversion costs and other costs incurred in
bringing the inventories to their present location and condition. The cost is determined principally by using the
weighted-average method.
Property, plant and equipment -
Property, plant and equipment is measured based on the cost model and carried at its cost less accumulated
depreciation and impairment losses. Expenditures relating to major renewals and improvements are capitalized;
minor replacements, maintenance and repairs are charged to current operations as incurred. Depreciation of
property, plant and equipment, except for land that is not subject to depreciation, is calculated on the straight-line
method over the estimated useful life of the respective assets according to general class, type of structure and use.
The estimated useful lives range from 2 to 65 years for buildings and from 2 to 20 years for machinery and
equipment.
The depreciation method, useful lives and residual values of property, plant and equipment are reviewed
annually at each fiscal year end, and adopted prospectively, if applicable.
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 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 lease contracts are capitalized and amortized on a straight-line method over the lease term.
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 evaluates at the end of
each reporting period the estimated residual value to cover probable estimated losses related to unguaranteed
residual values on its owned portfolio. The estimate is calculated 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. Toyota evaluates the foregoing factors, develops several potential loss scenarios, and
evaluates the estimated residual value to determine whether it is considered adequate to cover the probable range
of losses.
F-18
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
By evaluating estimated residual value, Toyota reflects in depreciation the amount it considers to be
appropriate in relation to the estimated losses on its owned portfolio.
Intangible assets -
Intangible assets are measured based on the cost model and carried at their cost less accumulated
amortization and impairment losses.
The estimated useful lives and the amortization method of intangible assets are reviewed annually at each
fiscal year end, and adopted prospectively, if appropriate.
(1) Capitalized development cost
Development expenditure for a product is capitalized only when there is a technical and commercial
feasibility of completing the development, Toyota has the intention, ability and sufficient resources to use the
outcome of the development, it is probable that the outcome will generate a future economic benefit, and the cost
can be measured reliably.
Capitalized development cost is amortized using the straight-line method over the expected product life
cycle of the developed product ranging mainly from 5 to 10 years.
(2) Other intangible assets
Other intangible assets mainly consist of software for internal use and amortized using the straight-line
method over their estimated useful lives, mainly 5 years. Goodwill is not material to Toyota\u2019s consolidated
statement of financial position.
Impairment of non-financial assets -
At the end of the reporting period, the carrying amount of non-financial assets other than inventories and
deferred tax assets are assessed to determine whether or not there is any indication of impairment. If there is such
an indication, the recoverable amount of such an asset or a cash-generating unit is estimated. An impairment loss
would be recognized when the carrying amount of an asset or a cash-generating unit exceeds the estimated
discounted cash flows expected to result from the use of the assets and its eventual disposition. The amount of
the impairment loss to be recorded is calculated by the excess of the carrying amount of the assets over its
recoverable amount.
Leases -
At the inception of a contract, Toyota assesses whether the contract is, or contains, a lease.
(1) Lessee
Toyota recognizes a right of use asset and a lease liability at the lease commencement date. The cost of the
right of use asset is measured at the amount of the initial measurement of the lease liability by adjusting any lease
payments made or before the commencement date. Lease liability is initially measured at the present value of the
lease payments that are not paid as of the commencement date.
F-19
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
After the commencement date, Toyota applies a cost model and subsequently depreciates the right of use
asset using a straight-line method from the commencement date to the earlier of the end of the useful life of the
right of use asset or the end of the lease term. Lease liability is measured at amortized cost using the effective
interest method. In the consolidated statement of financial position, lease liability is included in short-term and
long-term debt. Interest on the lease liability in each period during the lease term is the amount that produces a
constant periodic rate of interest on the remaining balance of the lease liability and recognized in profit or loss
over the lease term.
Many lease contracts relating to land and buildings entered into by Toyota include extension options that
can be exercisable by Toyota as lessee for various purposes, such as to ensure business flexibility. Toyota
assesses whether it is reasonably certain to exercise an extension option, and if it assesses it to be reasonably
certain, the extension option is included in the lease term.
Toyota recognizes the lease payments associated with lease terms of 12 months or less as an expense on a
straight-line basis over the lease term.
(2) Lessor
With respect to lessor lease transactions, Toyota determines at the commencement of the lease whether each
lease is a finance lease or operating lease.
A lease is classified as a finance lease if it transfers substantially all of the risks and rewards incidental to
the ownership of an underlying asset. Otherwise leases are classified as operating leases.
Toyota recognizes the operating lease payments in profit or loss on a straight-line basis over the lease term.
Employee benefit obligations -
Toyota has both defined benefit and defined contribution plans for employees\u2019 retirement benefits.
(1) Defined benefit plan
The present value of defined benefit obligations and service cost are principally determined for each plan
using the projected unit credit method. The net defined benefit liability (asset) is the present value of the defined
benefit obligations less the fair value of plan assets. Current service cost and net interest on the net defined
benefit liability (asset) are recognized as net income (loss) on the statement of net income.
Past service cost is recognized in profit or loss upon occurrence.
Toyota recognizes the difference arising from remeasurement of the net defined benefit liability (asset)
including actuarial gains and losses in other comprehensive income when it is incurred and reclassifies it
immediately to retained earnings.
(2) Defined contribution plan
For defined contribution plans, when the employees render services, the contribution payables are
recognized in profit or loss.
F-20
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Liabilities for quality assurance -
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. The accrued warranty costs
represent management\u2019s best estimate at the time of sale of the total costs that Toyota will incur to repair or
replace product parts that fail while still under warranty. The amount of accrued estimated warranty costs is
primarily based on historical experience of product failures as well as current information on repair costs. An
estimate of warranty claim accrued for each fiscal year is calculated based on the estimate of warranty claim per
unit. The estimate of warranty claim per unit is calculated comprehensively by dividing the actual amounts of
warranty claim by the number of sales units for the fiscal year.
Toyota accrues for costs of recalls and other safety measures, as well as product warranty cost described
above. Toyota generally measures such \u201cliabilities for recalls and other safety measures\u201d at the time of vehicle
sales comprehensively by aggregate sales of various models in a certain period by geographical regions.
However, when circumstances warrant, Toyota measures \u201cliabilities for a particular recall or other safety
measures\u201d using an individual model when they are probable and reasonably estimable.
The portion of \u201cliabilities for recalls and other safety measures\u201d recorded in the consolidated statement of
financial position is calculated comprehensively based on the \u201cexpected liability for the cost of recalls and other
safety measures\u201d in consideration of the \u201caccumulated amount of repair cost paid\u201d. As such, this liability is
evaluated every period based on new data and are adjusted as appropriate. Toyota calculates these liabilities for
units sold in the current period and each of the past 10 fiscal years, and aggregates such liabilities in determining
the final liability amount.
The \u201cexpected liability for the cost of recalls and other safety measures\u201d are calculated by multiplying the
\u201csales unit\u201d by the \u201cexpected average repair cost per unit\u201d. The \u201cexpected average repair cost per unit\u201d is
calculated based on dividing the \u201caccumulated amount of repair cost paid per unit\u201d by the \u201cpattern of payment
occurrences\u201d. The \u201cpattern of payment occurrence\u201d represents a ratio that shows the measure of payment
occurrence over 10 years based on actual payments with regard to units sold within 10 years.
Factors that may cause a difference between the amount accrued comprehensively at the time of vehicle sale
and actual payment on individual recalls and other safety measures mainly include actual cost of recalls and
safety measures during the period being significantly different from the accumulated amount of repair cost paid
per unit (generally comprised of parts and labor) and the actual pattern of payment occurrence during the period
being significantly different from the pattern of the payment occurrence in the past. Such differences are
considered as part of our estimation process for future recalls and other safety measures.
Liabilities for product warranties and liabilities for recalls and other safety measures have been combined
into \u201cLiabilities for quality assurance\u201d in the consolidated statement of financial position. Product warranty costs
and costs of recalls and other safety measures are included in cost of products sold in the consolidated statement
of income.
The foregoing evaluations are inherently uncertain, as they require material estimates as described above.
Consequently, actual warranty costs may differ from the estimated amounts and could require additional
warranty provisions. If these factors require a significant increase in Toyota\u2019s accrued estimated warranty costs,
it would negatively affect future operating results of the automotive operations.
F-21
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Revenue recognition -
In the automotive operations, performance obligations are considered to be satisfied when completed
vehicles and parts are delivered to the agreed locations with dealers. For parts for production, it is when they are
loaded on a ship or delivered to manufacturing companies. We do not have any material significant payment
terms as payment is received at or shortly after the point of sale.
Toyota\u2019s sales incentive programs principally consist of cash payments to dealers calculated based on total
vehicle volume or vehicle unit sales of certain models sold by a dealer during a certain period of time. Toyota
accrues these incentives as revenue reductions upon the sale of a vehicle corresponding to the program by the
amount determined in the related incentive program utilizing the most likely outcome method.
The sale of certain vehicles includes a contractual right, which entitles customers to free vehicle
maintenance. We use an observable price to determine the stand-alone selling price for separate performance
obligations or a cost plus margin approach when one is not available. Such revenues from free maintenance
contracts are deferred and recognized as revenue over the period of the contract in proportion to the costs
expected to be incurred in satisfying the obligations under the contract.
Revenues from the sales of vehicles under which Toyota conditionally guarantees the minimum resale value
are recognized on a pro rata basis from the date of sale to the first exercise date of the guarantee in accordance
with lease accounting. The underlying vehicles of these transactions are recorded as assets and are depreciated in
accordance with Toyota\u2019s depreciation policy.
Interest income from financial services is recognized using the effective interest method. Revenues from
operating leases are recognized on a straight-line basis over the lease term.
If the period between satisfaction of the performance obligation and receipt of consideration is expected to
be within one year or less, as a practical expedient, we do not adjust the promised amount of consideration for the
effects of a significant financing component.
Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental
authorities.
Income taxes -
Income tax expenses are presented as the aggregate amount of current taxes and deferred taxes.
Deferred tax assets and deferred tax liabilities are recognized for future tax consequences attributable to
temporary differences between the carrying amount of assets or liabilities in the consolidated statement of
financial position and the tax base of the assets or liabilities and carryforwards of unused tax losses and tax
credits.
Deferred tax assets are recognized for all future deductible amounts, to the extent that it is probable that we
will have sufficient profit to utilize the benefit of future deductible amounts.
Deferred
tax
liabilities
for
taxable
temporary
differences
arising
from
investments
in
subsidiaries,
associates, and interest in joint ventures are recognized in principle. However, they are not recognized when
Toyota is able to control the timing of the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.
F-22
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply in the
period when the assets are realized or the liabilities are settled, based on the tax rates and tax laws enacted or
substantively enacted at the end of the reporting period. The measurement of deferred tax assets and deferred tax
liabilities reflects the tax consequences that would follow from the manner in which Toyota expects, at the end of
reporting period, to recover or settle the carrying amount of its assets and liabilities.
Earnings per share attributable to Toyota Motor Corporation -
Basic earnings per share attributable to Toyota Motor Corporation is calculated by dividing net income
attributable to Toyota Motor Corporation by the weighted-average number of common shares outstanding with
adjustment for treasury stock during the reporting period. Diluted earnings per share attributable to Toyota Motor
Corporation is calculated by dividing net income attributable to Toyota Motor Corporation by the weighted-
average number of common shares outstanding taking into consideration the effect of dilutive securities.
New accounting standards and interpretations not yet adopted -
None of new or revised standards and interpretations that have been issued as of the date of approval of the
consolidated financial statements but have not yet been adopted by Toyota have a significant effect on the
consolidated financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13669": {
"value": "Basis of consolidation -
(1) Subsidiaries
The consolidated financial statements include the accounts of TMC, its subsidiaries that are controlled by
TMC, and those structured entities that are controlled by Toyota. Toyota controls an entity when Toyota is
exposed or has rights to variable returns from involvement with the entity, and has the ability to affect those
returns by using its power over the entity.
The financial statements of subsidiaries have been adjusted in order to ensure consistency with the
accounting policies adopted by Toyota as necessary. All significant intercompany balances and transactions as
well as the unrealized profit have been eliminated in consolidation.
Changes in a subsidiary\u2019s ownership interests that do not result in a loss of control are accounted for as
equity transactions. When control over a subsidiary is lost, any gain or loss on the disposal of the interest sold is
recognized in profit or loss.
F-11
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(2) Associates and joint ventures
Associates are entities over which Toyota has a significant influence over the decisions on financial and
operating policies, but does not have control or joint control.
Joint ventures are entities over which two or more parties including Toyota have joint control, based on a
contractual arrangement, and financial and business decisions about the relevant activities of which require
unanimous consent of the parties that have joint control.
Investments in associates and joint ventures are accounted for using the equity method. The financial
statements of associates and joint ventures have been adjusted in order to ensure consistency with the accounting
policies adopted by Toyota as necessary.
When the use of the equity method is discontinued from the date when the investees are determined to be no
longer associates or joint ventures, any gain or loss on such disposal of the investment is recognized in profit or
loss.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13672": {
"value": "(1) Subsidiaries
The consolidated financial statements include the accounts of TMC, its subsidiaries that are controlled by
TMC, and those structured entities that are controlled by Toyota. Toyota controls an entity when Toyota is
exposed or has rights to variable returns from involvement with the entity, and has the ability to affect those
returns by using its power over the entity.
The financial statements of subsidiaries have been adjusted in order to ensure consistency with the
accounting policies adopted by Toyota as necessary. All significant intercompany balances and transactions as
well as the unrealized profit have been eliminated in consolidation.
Changes in a subsidiary\u2019s ownership interests that do not result in a loss of control are accounted for as
equity transactions. When control over a subsidiary is lost, any gain or loss on the disposal of the interest sold is
recognized in profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13699": {
"value": "(2) Associates and joint ventures
Associates are entities over which Toyota has a significant influence over the decisions on financial and
operating policies, but does not have control or joint control.
Joint ventures are entities over which two or more parties including Toyota have joint control, based on a
contractual arrangement, and financial and business decisions about the relevant activities of which require
unanimous consent of the parties that have joint control.
Investments in associates and joint ventures are accounted for using the equity method. The financial
statements of associates and joint ventures have been adjusted in order to ensure consistency with the accounting
policies adopted by Toyota as necessary.
When the use of the equity method is discontinued from the date when the investees are determined to be no
longer associates or joint ventures, any gain or loss on such disposal of the investment is recognized in profit or
loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13700": {
"value": "(2) Associates and joint ventures
Associates are entities over which Toyota has a significant influence over the decisions on financial and
operating policies, but does not have control or joint control.
Joint ventures are entities over which two or more parties including Toyota have joint control, based on a
contractual arrangement, and financial and business decisions about the relevant activities of which require
unanimous consent of the parties that have joint control.
Investments in associates and joint ventures are accounted for using the equity method. The financial
statements of associates and joint ventures have been adjusted in order to ensure consistency with the accounting
policies adopted by Toyota as necessary.
When the use of the equity method is discontinued from the date when the investees are determined to be no
longer associates or joint ventures, any gain or loss on such disposal of the investment is recognized in profit or
loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13701": {
"value": "(2) Associates and joint ventures
Associates are entities over which Toyota has a significant influence over the decisions on financial and
operating policies, but does not have control or joint control.
Joint ventures are entities over which two or more parties including Toyota have joint control, based on a
contractual arrangement, and financial and business decisions about the relevant activities of which require
unanimous consent of the parties that have joint control.
Investments in associates and joint ventures are accounted for using the equity method. The financial
statements of associates and joint ventures have been adjusted in order to ensure consistency with the accounting
policies adopted by Toyota as necessary.
When the use of the equity method is discontinued from the date when the investees are determined to be no
longer associates or joint ventures, any gain or loss on such disposal of the investment is recognized in profit or
loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13721": {
"value": "Foreign currency translation -
(1) Foreign currency transactions
Foreign currency transactions are translated into the respective functional currencies of Toyota at the
exchange rates prevailing when such transactions occur. All foreign currency receivables and payables are
translated into the respective functional currencies at the applicable exchange rates at the end of the reporting
period. Non-monetary assets and liabilities in foreign currencies that are measured at fair value are translated into
the functional currency using the exchange rate on the date when the fair value was measured. Gains or losses on
exchange differences arising from settlement of foreign currency receivables and payables or on their translations
at the end of the reporting date are recognized in profit or loss. Furthermore, exchange differences arising from
equity financial assets measured at fair value through other comprehensive income is recognized as other
comprehensive income.
(2) Foreign operations
All assets and liabilities of foreign subsidiaries, associates and joint ventures (collectively, \u201cforeign
operations\u201d) that use a functional currency other than Japanese yen are translated into Japanese yen at the
exchange rates at the end of the reporting period. All revenues and expenses of foreign operations are translated
into Japanese yen at the average exchange rate for the period unless the exchange rate fluctuates widely.
Exchange differences arising from such translations are recognized in other comprehensive income and
accumulated in other components of equity in the consolidated statement of financial position. When a foreign
operation is disposed of, and control, significant influence or joint control over the foreign operation is lost, the
cumulative amount of exchange differences relating to the foreign operation is reclassified from equity to profit
or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13745": {
"value": "Cash and cash equivalents -
Cash and cash equivalents consist of cash on hand, demand deposits, and short-term investments that are
readily convertible to cash and are subject to insignificant risk of changes in value with three months or less
maturities from the acquisition date.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13764": {
"value": "Financial instruments -
(1) Financial assets
(i) Initial recognition and measurement
Toyota initially recognizes financial assets when it becomes a party to a contract and except for derivatives,
classifies financial assets into \u201cfinancial assets measured at amortized cost\u201d, \u201cdebt and equity financial assets
measured at fair value through other comprehensive income\u201d or \u201cfinancial assets measured at fair value through
profit or loss\u201d. The sale or purchase of financial assets that occurred in the normal course of business are
recognized and derecognized at the trade date.
Financial assets classified as being measured at fair value through profit or loss are measured at fair value,
but other financial assets are initially recognized and measured at fair value adding transaction costs directly
attributable to acquisition. Trade receivables that do not contain significant financial elements are measured at
the transaction price.
(a) Financial assets measured at amortized cost
Toyota classifies a financial asset as measured at amortized cost if both of the following conditions are met:
The asset is held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows; and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
(b) Debt financial assets measured at fair value through other comprehensive income
Debt financial assets are measured at fair value through other comprehensive income only if it meets both of
the following conditions:
The asset is held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets; and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
(c) Equity financial assets measured at fair value through other comprehensive income
For equity financial assets such as shares held mainly for the purpose of maintaining or enhancing business
relationships with investees are irrevocably designated at initial recognition, as financial assets measured at fair
value through other comprehensive income.
(d) Financial assets measured at fair value through profit or loss
Financial assets other than (a) to (c) are classified as financial assets measured at fair value through profit or
loss.
(ii) Subsequent measurement
After initial recognition, financial assets are measured based on the following classification.
F-13
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(a) Financial assets measured at amortized cost
Financial assets measured at amortized cost are measured at amortized cost using the effective interest
method.
(b) Debt financial assets measured at fair value through other comprehensive income
Subsequent changes in fair value of the financial assets are recognized as other comprehensive income.
Impairment gains or losses, interest income and foreign exchange gains and losses are recognized in profit or
loss. When the financial assets are derecognized, the cumulative gain or loss recognized in other comprehensive
income is reclassified from other components of equity to profit or loss.
(c) Equity financial assets measured at fair value through other comprehensive income
Subsequent changes in fair value of the financial assets are recognized as other comprehensive income.
When the financial assets are derecognized, the cumulative gain or loss recognized through other comprehensive
income is reclassified from other components of equity to retained earnings. Dividends from equity financial
assets are recognized in profit or loss.
(d) Financial assets measured at fair value through profit or loss
Subsequent changes in the fair value of the financial assets are recognized in profit or loss.
(iii) Impairment of financial assets
An allowance for credit losses is provided for expected credit losses on financial assets that are measured at
amortized cost as well as debt financial assets measured at fair value through other comprehensive income. An
allowance for credit losses is also provided for expected credit losses on loan commitments or financial guarantee
agreements that are off-balance sheet credit exposures.
At the end of the reporting period, Toyota assesses whether the credit risk on financial assets have
significantly increased since initial recognition. At the end of the reporting period, if Toyota identifies a
significant increase in credit risk, allowances for credit losses are measured as being equal to the amount of
expected credit losses that would result from default events that are possible over the expected life of a financial
asset. At the end of the reporting period, if the credit risk for a financial instrument has not increased
significantly since its initial recognition, allowances for credit losses are measured as being equal to the amount
of the expected credit losses caused by default events that may occur within 12 months from the end of the
reporting period.
For accounts receivable that are included in \u201cTrade accounts and other receivables\u201d and finance lease
receivables, the allowance is continuously measured at amounts equal to expected credit losses over the expected
life of financial assets.
The amount of expected credit losses is measured as the present value of all cash short falls resulting from
the difference between the cash flows due to Toyota in accordance with the contract and cash flows that Toyota
expects to receive, and such amount is recognized in profit or loss. A reversal of the allowance for credit losses
resulting from a reduction in the amount of expected credit losses is recognized in profit or loss.
If there is objective evidence of impairment such as significant financial difficulty of a borrower, or a
default or delinquency by a borrower, interest income is measured applying the effective interest method to the
F-14
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
net carrying amount of the financial asset (after deducting the allowance for credit loss). Financial assets are
written off either partially or fully when there is no reasonable expectation of recovering a financial asset in its
entirely or a portion thereof.
(iv) Derecognition of financial assets
Toyota derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or
when Toyota transfers the contractual right to receive cash flows from financial assets in transactions in which
substantially all the risks and rewards of ownership of the asset are transferred to another entity. Even if Toyota
transfers a financial asset, it neither transfers nor holds substantially all the risks and rewards of ownership of
such transferred financial asset. Further, in cases where Toyota continues to control such a transferred financial
asset, Toyota recognizes the retained interest on such financial asset and the relevant liabilities that might
possibly be paid in association therewith.
(2) Financial liabilities
(i) Initial recognition and measurement
Toyota initially measures financial liabilities other than derivatives at fair value less transaction costs
directly attributable to the issuance of financial liabilities.
(ii) Subsequent measurement
Toyota subsequently measures financial liabilities at amortized cost using the effective interest method.
Amortization under the effective interest method and gain or losses on derecognition are recognized as finance
income or costs and recognized in profit or loss.
(iii) Derecognition of financial liabilities
Toyota derecognizes financial liabilities when the financial liabilities expire, that is, when the liability
identified in the contract expires due to performance, discharges, cancels, or expires.
(3) Derivative financial instruments
Toyota employs derivative financial instruments, including forward foreign 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 transactions are
measured at fair value as assets or liabilities.
Toyota does not use derivative financial instruments for speculative or trading purposes.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13767": {
"value": "(1) Financial assets
(i) Initial recognition and measurement
Toyota initially recognizes financial assets when it becomes a party to a contract and except for derivatives,
classifies financial assets into \u201cfinancial assets measured at amortized cost\u201d, \u201cdebt and equity financial assets
measured at fair value through other comprehensive income\u201d or \u201cfinancial assets measured at fair value through
profit or loss\u201d. The sale or purchase of financial assets that occurred in the normal course of business are
recognized and derecognized at the trade date.
Financial assets classified as being measured at fair value through profit or loss are measured at fair value,
but other financial assets are initially recognized and measured at fair value adding transaction costs directly
attributable to acquisition. Trade receivables that do not contain significant financial elements are measured at
the transaction price.
(a) Financial assets measured at amortized cost
Toyota classifies a financial asset as measured at amortized cost if both of the following conditions are met:
The asset is held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows; and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
(b) Debt financial assets measured at fair value through other comprehensive income
Debt financial assets are measured at fair value through other comprehensive income only if it meets both of
the following conditions:
The asset is held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets; and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
(c) Equity financial assets measured at fair value through other comprehensive income
For equity financial assets such as shares held mainly for the purpose of maintaining or enhancing business
relationships with investees are irrevocably designated at initial recognition, as financial assets measured at fair
value through other comprehensive income.
(d) Financial assets measured at fair value through profit or loss
Financial assets other than (a) to (c) are classified as financial assets measured at fair value through profit or
loss.
(ii) Subsequent measurement
After initial recognition, financial assets are measured based on the following classification.
F-13
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(a) Financial assets measured at amortized cost
Financial assets measured at amortized cost are measured at amortized cost using the effective interest
method.
(b) Debt financial assets measured at fair value through other comprehensive income
Subsequent changes in fair value of the financial assets are recognized as other comprehensive income.
Impairment gains or losses, interest income and foreign exchange gains and losses are recognized in profit or
loss. When the financial assets are derecognized, the cumulative gain or loss recognized in other comprehensive
income is reclassified from other components of equity to profit or loss.
(c) Equity financial assets measured at fair value through other comprehensive income
Subsequent changes in fair value of the financial assets are recognized as other comprehensive income.
When the financial assets are derecognized, the cumulative gain or loss recognized through other comprehensive
income is reclassified from other components of equity to retained earnings. Dividends from equity financial
assets are recognized in profit or loss.
(d) Financial assets measured at fair value through profit or loss
Subsequent changes in the fair value of the financial assets are recognized in profit or loss.
(iii) Impairment of financial assets
An allowance for credit losses is provided for expected credit losses on financial assets that are measured at
amortized cost as well as debt financial assets measured at fair value through other comprehensive income. An
allowance for credit losses is also provided for expected credit losses on loan commitments or financial guarantee
agreements that are off-balance sheet credit exposures.
At the end of the reporting period, Toyota assesses whether the credit risk on financial assets have
significantly increased since initial recognition. At the end of the reporting period, if Toyota identifies a
significant increase in credit risk, allowances for credit losses are measured as being equal to the amount of
expected credit losses that would result from default events that are possible over the expected life of a financial
asset. At the end of the reporting period, if the credit risk for a financial instrument has not increased
significantly since its initial recognition, allowances for credit losses are measured as being equal to the amount
of the expected credit losses caused by default events that may occur within 12 months from the end of the
reporting period.
For accounts receivable that are included in \u201cTrade accounts and other receivables\u201d and finance lease
receivables, the allowance is continuously measured at amounts equal to expected credit losses over the expected
life of financial assets.
The amount of expected credit losses is measured as the present value of all cash short falls resulting from
the difference between the cash flows due to Toyota in accordance with the contract and cash flows that Toyota
expects to receive, and such amount is recognized in profit or loss. A reversal of the allowance for credit losses
resulting from a reduction in the amount of expected credit losses is recognized in profit or loss.
If there is objective evidence of impairment such as significant financial difficulty of a borrower, or a
default or delinquency by a borrower, interest income is measured applying the effective interest method to the
F-14
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
net carrying amount of the financial asset (after deducting the allowance for credit loss). Financial assets are
written off either partially or fully when there is no reasonable expectation of recovering a financial asset in its
entirely or a portion thereof.
(iv) Derecognition of financial assets
Toyota derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or
when Toyota transfers the contractual right to receive cash flows from financial assets in transactions in which
substantially all the risks and rewards of ownership of the asset are transferred to another entity. Even if Toyota
transfers a financial asset, it neither transfers nor holds substantially all the risks and rewards of ownership of
such transferred financial asset. Further, in cases where Toyota continues to control such a transferred financial
asset, Toyota recognizes the retained interest on such financial asset and the relevant liabilities that might
possibly be paid in association therewith.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13797": {
"value": "(d) Financial assets measured at fair value through profit or loss
Financial assets other than (a) to (c) are classified as financial assets measured at fair value through profit or
loss.
(d) Financial assets measured at fair value through profit or loss
Subsequent changes in the fair value of the financial assets are recognized in profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13833": {
"value": "(iii) Impairment of financial assets
An allowance for credit losses is provided for expected credit losses on financial assets that are measured at
amortized cost as well as debt financial assets measured at fair value through other comprehensive income. An
allowance for credit losses is also provided for expected credit losses on loan commitments or financial guarantee
agreements that are off-balance sheet credit exposures.
At the end of the reporting period, Toyota assesses whether the credit risk on financial assets have
significantly increased since initial recognition. At the end of the reporting period, if Toyota identifies a
significant increase in credit risk, allowances for credit losses are measured as being equal to the amount of
expected credit losses that would result from default events that are possible over the expected life of a financial
asset. At the end of the reporting period, if the credit risk for a financial instrument has not increased
significantly since its initial recognition, allowances for credit losses are measured as being equal to the amount
of the expected credit losses caused by default events that may occur within 12 months from the end of the
reporting period.
For accounts receivable that are included in \u201cTrade accounts and other receivables\u201d and finance lease
receivables, the allowance is continuously measured at amounts equal to expected credit losses over the expected
life of financial assets.
The amount of expected credit losses is measured as the present value of all cash short falls resulting from
the difference between the cash flows due to Toyota in accordance with the contract and cash flows that Toyota
expects to receive, and such amount is recognized in profit or loss. A reversal of the allowance for credit losses
resulting from a reduction in the amount of expected credit losses is recognized in profit or loss.
If there is objective evidence of impairment such as significant financial difficulty of a borrower, or a
default or delinquency by a borrower, interest income is measured applying the effective interest method to the
F-14
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
net carrying amount of the financial asset (after deducting the allowance for credit loss). Financial assets are
written off either partially or fully when there is no reasonable expectation of recovering a financial asset in its
entirely or a portion thereof.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13876": {
"value": "(iv) Derecognition of financial assets
Toyota derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or
when Toyota transfers the contractual right to receive cash flows from financial assets in transactions in which
substantially all the risks and rewards of ownership of the asset are transferred to another entity. Even if Toyota
transfers a financial asset, it neither transfers nor holds substantially all the risks and rewards of ownership of
such transferred financial asset. Further, in cases where Toyota continues to control such a transferred financial
asset, Toyota recognizes the retained interest on such financial asset and the relevant liabilities that might
possibly be paid in association therewith.
(iii) Derecognition of financial liabilities
Toyota derecognizes financial liabilities when the financial liabilities expire, that is, when the liability
identified in the contract expires due to performance, discharges, cancels, or expires.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13887": {
"value": "(2) Financial liabilities
(i) Initial recognition and measurement
Toyota initially measures financial liabilities other than derivatives at fair value less transaction costs
directly attributable to the issuance of financial liabilities.
(ii) Subsequent measurement
Toyota subsequently measures financial liabilities at amortized cost using the effective interest method.
Amortization under the effective interest method and gain or losses on derecognition are recognized as finance
income or costs and recognized in profit or loss.
(iii) Derecognition of financial liabilities
Toyota derecognizes financial liabilities when the financial liabilities expire, that is, when the liability
identified in the contract expires due to performance, discharges, cancels, or expires.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13903": {
"value": "(3) Derivative financial instruments
Toyota employs derivative financial instruments, including forward foreign 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 transactions are
measured at fair value as assets or liabilities.
Toyota does not use derivative financial instruments for speculative or trading purposes.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13913": {
"value": "Finance receivables -
Finance receivables recorded on Toyota\u2019s consolidated statement of financial position are net of any
unearned financial 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.
F-15
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The determination of finance receivable portfolios is based primarily on the qualitative consideration of the
nature of Toyota\u2019s business operations and finance receivables. The three portfolios within finance receivables
are as follows:
(1) Retail receivables portfolio
The retail receivables portfolio consists of retail installment sales contracts acquired mainly from dealers
(\u201cauto loans\u201d) 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 manages the retail receivables portfolio as one portfolio based on common risk characteristics
associated with the underlying finance receivables, the similarity of the credit risks, and the quantitative
materiality.
(2) Finance lease receivables portfolio
Finance lease receivables are related to new vehicle lease contracts. 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
manages
the
finance
lease
receivables
portfolio
as
one
portfolio
based
on
common
risk
characteristics associated with the underlying finance receivables and the similarity of the credit risks.
(3) Wholesale and other dealer loan receivables portfolio
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.
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 manages the wholesale and other dealer loan receivables portfolio as one portfolio based on the risk
characteristics associated with the underlying finance receivables.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f13980": {
"value": "Allowance for credit losses on finance receivables -
The allowance for credit losses on finance receivables is measured at the portfolio level, based on a
systematic, ongoing review and evaluation performed as part of the credit risk evaluation process, historical loss
F-16
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
experience, the size and composition of the portfolios, current economic events and conditions, the estimated fair
value and adequacy of collateral, forward-looking information including movements of the world economy and
other pertinent factors. Furthermore, portfolios are grouped based on similarities of risk characteristics, such as
product and collateral classes, when calculating expected credit losses in the aggregate.
(1) Retail receivables portfolio
With respect to retail receivables, Toyota reviews whether the credit risk on finance receivables has
increased significantly. To evaluate the risk, Toyota uses the changes for the possibility of a credit loss occurring
or days in arrears as an index. Toyota assesses the significant increases in credit risk when contractual payments
are more than 30 days past due. When the credit risk on finance receivables has not increased significantly since
initial recognition, Toyota measures the loss allowance for that finance receivables at an amount equal to
12-month expected credit losses at the reporting date.
Meanwhile, Toyota measures the loss allowance for finance receivables at an amount equal to the lifetime
expected credit losses if the credit risk on that finance receivables has increased significantly since initial
recognition at the reporting date. Toyota calculates the loss allowance for finance receivables at an amount equal
to the lifetime expected credit losses by considering historical credit loss experience and future collectability,
when there is evidence that finance receivables is credit-impaired such as a breach of contract due to default or
delayed contractual payments.
In calculating expected credit losses, Toyota uses the probability of a default and the loss rate in the event of
a default based on past experience and then reflects its forecasts of current and future economic conditions.
Suspension of payment over a certain period of time and or situations which contractual obligations are not
being met are considered as being in default in accordance with internal management rules.
(2) Finance lease receivables portfolio
With respect to the finance lease receivables portfolio, Toyota always measures loss allowance at an amount
equal to lifetime expected credit losses. Suspension of payment over a certain period of time and/or situations
which contractual obligations are not being met are considered as being in default in accordance with internal
management rules.
(3) Wholesale and other dealer loan receivables portfolio
With respect to the wholesale and other dealer loan receivables portfolio, receivables are sorted primarily by
credit qualities based on internal risk assessments. Toyota reviews the change of the segment as an index whether
the credit risk on finance receivables has increased significantly since initial recognition to assess these
receivables for credit risk. Toyota assesses the significant increases in credit risk when contractual payments are
more than 30 days past due. If the credit risk on finance receivables has not increased significantly since initial
recognition, Toyota measures the loss allowance for that finance receivables at an amount equal to 12-month
expected credit losses at the reporting date.
Meanwhile, Toyota measures the loss allowance for finance receivables at an amount equal to the lifetime
expected credit losses if the credit risk on that finance receivables has increased significantly since initial
recognition at the reporting date. Toyota calculates the loss allowance for finance receivables at an amount equal
to the lifetime expected credit losses by considering historical credit loss experience and future collectability,
when there is evidence that finance receivables are credit-impaired such as a debtor\u2019s worsened financial
conditions, breach of contract due to default or delayed contractual payments.
F-17
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
In calculating expected credit losses, Toyota uses the probability of a default and the loss rate in the event of
a default based on past experience and then reflects its forecasts of current and future economic conditions.
Suspension of payment over a certain period of time and/or situations where contractual obligations are not
being met are considered as defaults in accordance with internal management rules.
Although Toyota considers the allowance for credit losses on finance receivables to be adequate based on
information currently available, additional provisions may be necessary due to (i) changes in management
estimates and assumptions about asset impairments, (ii) information that indicates changes in expected future
cash flows, or (iii) changes in economic and other events and conditions. Future changes in the economy that
impact the consumer confidence such as increasing interest rates and a rise in the unemployment rate as well as
higher debt balances, coupled with deterioration in actual and expected used vehicle values, could negatively
affect future operating results of the financial services operations.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14063": {
"value": "Inventories -
Inventories are valued at cost, not in excess of net realizable value. Net realizable value is the estimated
selling price in the ordinary course of business less the estimated original cost and estimated selling expense to
product completion. The cost of inventories includes purchase costs, conversion costs and other costs incurred in
bringing the inventories to their present location and condition. The cost is determined principally by using the
weighted-average method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14072": {
"value": "Property, plant and equipment -
Property, plant and equipment is measured based on the cost model and carried at its cost less accumulated
depreciation and impairment losses. Expenditures relating to major renewals and improvements are capitalized;
minor replacements, maintenance and repairs are charged to current operations as incurred. Depreciation of
property, plant and equipment, except for land that is not subject to depreciation, is calculated on the straight-line
method over the estimated useful life of the respective assets according to general class, type of structure and use.
The estimated useful lives range from 2 to 65 years for buildings and from 2 to 20 years for machinery and
equipment.
The depreciation method, useful lives and residual values of property, plant and equipment are reviewed
annually at each fiscal year end, and adopted prospectively, if applicable.
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 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 lease contracts are capitalized and amortized on a straight-line method over the lease term.
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 evaluates at the end of
each reporting period the estimated residual value to cover probable estimated losses related to unguaranteed
residual values on its owned portfolio. The estimate is calculated 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. Toyota evaluates the foregoing factors, develops several potential loss scenarios, and
evaluates the estimated residual value to determine whether it is considered adequate to cover the probable range
of losses.
F-18
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
By evaluating estimated residual value, Toyota reflects in depreciation the amount it considers to be
appropriate in relation to the estimated losses on its owned portfolio.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14075": {
"value": "Property, plant and equipment is measured based on the cost model and carried at its cost less accumulated
depreciation and impairment losses. Expenditures relating to major renewals and improvements are capitalized;
minor replacements, maintenance and repairs are charged to current operations as incurred. Depreciation of
property, plant and equipment, except for land that is not subject to depreciation, is calculated on the straight-line
method over the estimated useful life of the respective assets according to general class, type of structure and use.
The estimated useful lives range from 2 to 65 years for buildings and from 2 to 20 years for machinery and
equipment.
The depreciation method, useful lives and residual values of property, plant and equipment are reviewed
annually at each fiscal year end, and adopted prospectively, if applicable.
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 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 lease contracts are capitalized and amortized on a straight-line method over the lease term.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14117": {
"value": "Intangible assets -
Intangible assets are measured based on the cost model and carried at their cost less accumulated
amortization and impairment losses.
The estimated useful lives and the amortization method of intangible assets are reviewed annually at each
fiscal year end, and adopted prospectively, if appropriate.
(1) Capitalized development cost
Development expenditure for a product is capitalized only when there is a technical and commercial
feasibility of completing the development, Toyota has the intention, ability and sufficient resources to use the
outcome of the development, it is probable that the outcome will generate a future economic benefit, and the cost
can be measured reliably.
Capitalized development cost is amortized using the straight-line method over the expected product life
cycle of the developed product ranging mainly from 5 to 10 years.
(2) Other intangible assets
Other intangible assets mainly consist of software for internal use and amortized using the straight-line
method over their estimated useful lives, mainly 5 years. Goodwill is not material to Toyota\u2019s consolidated
statement of financial position.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14136": {
"value": "Impairment of non-financial assets -
At the end of the reporting period, the carrying amount of non-financial assets other than inventories and
deferred tax assets are assessed to determine whether or not there is any indication of impairment. If there is such
an indication, the recoverable amount of such an asset or a cash-generating unit is estimated. An impairment loss
would be recognized when the carrying amount of an asset or a cash-generating unit exceeds the estimated
discounted cash flows expected to result from the use of the assets and its eventual disposition. The amount of
the impairment loss to be recorded is calculated by the excess of the carrying amount of the assets over its
recoverable amount.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14147": {
"value": "Leases -
At the inception of a contract, Toyota assesses whether the contract is, or contains, a lease.
(1) Lessee
Toyota recognizes a right of use asset and a lease liability at the lease commencement date. The cost of the
right of use asset is measured at the amount of the initial measurement of the lease liability by adjusting any lease
payments made or before the commencement date. Lease liability is initially measured at the present value of the
lease payments that are not paid as of the commencement date.
F-19
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
After the commencement date, Toyota applies a cost model and subsequently depreciates the right of use
asset using a straight-line method from the commencement date to the earlier of the end of the useful life of the
right of use asset or the end of the lease term. Lease liability is measured at amortized cost using the effective
interest method. In the consolidated statement of financial position, lease liability is included in short-term and
long-term debt. Interest on the lease liability in each period during the lease term is the amount that produces a
constant periodic rate of interest on the remaining balance of the lease liability and recognized in profit or loss
over the lease term.
Many lease contracts relating to land and buildings entered into by Toyota include extension options that
can be exercisable by Toyota as lessee for various purposes, such as to ensure business flexibility. Toyota
assesses whether it is reasonably certain to exercise an extension option, and if it assesses it to be reasonably
certain, the extension option is included in the lease term.
Toyota recognizes the lease payments associated with lease terms of 12 months or less as an expense on a
straight-line basis over the lease term.
(2) Lessor
With respect to lessor lease transactions, Toyota determines at the commencement of the lease whether each
lease is a finance lease or operating lease.
A lease is classified as a finance lease if it transfers substantially all of the risks and rewards incidental to
the ownership of an underlying asset. Otherwise leases are classified as operating leases.
Toyota recognizes the operating lease payments in profit or loss on a straight-line basis over the lease term.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14189": {
"value": "Employee benefit obligations -
Toyota has both defined benefit and defined contribution plans for employees\u2019 retirement benefits.
(1) Defined benefit plan
The present value of defined benefit obligations and service cost are principally determined for each plan
using the projected unit credit method. The net defined benefit liability (asset) is the present value of the defined
benefit obligations less the fair value of plan assets. Current service cost and net interest on the net defined
benefit liability (asset) are recognized as net income (loss) on the statement of net income.
Past service cost is recognized in profit or loss upon occurrence.
Toyota recognizes the difference arising from remeasurement of the net defined benefit liability (asset)
including actuarial gains and losses in other comprehensive income when it is incurred and reclassifies it
immediately to retained earnings.
(2) Defined contribution plan
For defined contribution plans, when the employees render services, the contribution payables are
recognized in profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14270": {
"value": "Revenue recognition -
In the automotive operations, performance obligations are considered to be satisfied when completed
vehicles and parts are delivered to the agreed locations with dealers. For parts for production, it is when they are
loaded on a ship or delivered to manufacturing companies. We do not have any material significant payment
terms as payment is received at or shortly after the point of sale.
Toyota\u2019s sales incentive programs principally consist of cash payments to dealers calculated based on total
vehicle volume or vehicle unit sales of certain models sold by a dealer during a certain period of time. Toyota
accrues these incentives as revenue reductions upon the sale of a vehicle corresponding to the program by the
amount determined in the related incentive program utilizing the most likely outcome method.
The sale of certain vehicles includes a contractual right, which entitles customers to free vehicle
maintenance. We use an observable price to determine the stand-alone selling price for separate performance
obligations or a cost plus margin approach when one is not available. Such revenues from free maintenance
contracts are deferred and recognized as revenue over the period of the contract in proportion to the costs
expected to be incurred in satisfying the obligations under the contract.
Revenues from the sales of vehicles under which Toyota conditionally guarantees the minimum resale value
are recognized on a pro rata basis from the date of sale to the first exercise date of the guarantee in accordance
with lease accounting. The underlying vehicles of these transactions are recorded as assets and are depreciated in
accordance with Toyota\u2019s depreciation policy.
Interest income from financial services is recognized using the effective interest method. Revenues from
operating leases are recognized on a straight-line basis over the lease term.
If the period between satisfaction of the performance obligation and receipt of consideration is expected to
be within one year or less, as a practical expedient, we do not adjust the promised amount of consideration for the
effects of a significant financing component.
Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental
authorities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14298": {
"value": "Income taxes -
Income tax expenses are presented as the aggregate amount of current taxes and deferred taxes.
Deferred tax assets and deferred tax liabilities are recognized for future tax consequences attributable to
temporary differences between the carrying amount of assets or liabilities in the consolidated statement of
financial position and the tax base of the assets or liabilities and carryforwards of unused tax losses and tax
credits.
Deferred tax assets are recognized for all future deductible amounts, to the extent that it is probable that we
will have sufficient profit to utilize the benefit of future deductible amounts.
Deferred
tax
liabilities
for
taxable
temporary
differences
arising
from
investments
in
subsidiaries,
associates, and interest in joint ventures are recognized in principle. However, they are not recognized when
Toyota is able to control the timing of the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.
F-22
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply in the
period when the assets are realized or the liabilities are settled, based on the tax rates and tax laws enacted or
substantively enacted at the end of the reporting period. The measurement of deferred tax assets and deferred tax
liabilities reflects the tax consequences that would follow from the manner in which Toyota expects, at the end of
reporting period, to recover or settle the carrying amount of its assets and liabilities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14302": {
"value": "Deferred tax assets and deferred tax liabilities are recognized for future tax consequences attributable to
temporary differences between the carrying amount of assets or liabilities in the consolidated statement of
financial position and the tax base of the assets or liabilities and carryforwards of unused tax losses and tax
credits.
Deferred tax assets are recognized for all future deductible amounts, to the extent that it is probable that we
will have sufficient profit to utilize the benefit of future deductible amounts.
Deferred
tax
liabilities
for
taxable
temporary
differences
arising
from
investments
in
subsidiaries,
associates, and interest in joint ventures are recognized in principle. However, they are not recognized when
Toyota is able to control the timing of the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.
F-22
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply in the
period when the assets are realized or the liabilities are settled, based on the tax rates and tax laws enacted or
substantively enacted at the end of the reporting period. The measurement of deferred tax assets and deferred tax
liabilities reflects the tax consequences that would follow from the manner in which Toyota expects, at the end of
reporting period, to recover or settle the carrying amount of its assets and liabilities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14346": {
"value": "Earnings per share attributable to Toyota Motor Corporation -
Basic earnings per share attributable to Toyota Motor Corporation is calculated by dividing net income
attributable to Toyota Motor Corporation by the weighted-average number of common shares outstanding with
adjustment for treasury stock during the reporting period. Diluted earnings per share attributable to Toyota Motor
Corporation is calculated by dividing net income attributable to Toyota Motor Corporation by the weighted-
average number of common shares outstanding taking into consideration the effect of dilutive securities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14360": {
"value": "4. Significant accounting judgments and estimates
The preparation of the consolidated financial statements in conformity with IFRS requires management to
make judgments, estimates, and assumptions that affect the application of accounting policies, the reported
amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities.
Actual results could differ from these estimates. These estimates and underlying assumptions are reviewed on a
continuous basis. Changes in these accounting estimates are recognized in the period in which the estimates were
revised and in any future periods affected.
Information about important estimation and judgments that have significant effects on the amounts
recognized in the consolidated financial statements is as follows:
Scope of subsidiaries, associates, and joint ventures (Note 3 \u201cBasis of consolidation\u201d)
Intangible assets incurred by research and development (Note 3 \u201cIntangible assets\u201d)
Information about accounting estimates and assumption that affect the application of accounting policies
and the reported amounts of assets and liabilities, and financial statements based on IFRS is as follows:
Liabilities for quality assurance (Note 3 \u201cLiabilities for quality assurance\u201d and Note 24)
Allowance for credit losses on finance receivables (Note 3 \u201cAllowance for credit losses on finance
receivables\u201d and Note 19 (2))
Impairment of non-financial assets (Note 3 \u201cImpairment of non-financial assets\u201d and Note 12)
Employee benefit obligations (Note 3 \u201cEmployee benefit obligations\u201d and Note 23)
Fair value measurements (Note 21)
Recoverability of deferred tax assets (Note 3 \u201cIncome taxes\u201d and Note 15)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f14394": {
"value": "5. Segment information
(1) Outline of reporting segments
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\u2019s 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, SUVs, trucks and related parts and accessories. The Financial services segment consists
primarily of financing and vehicle leasing operations to assist in the merchandising of Toyota\u2019s products as well
as other products. The All other segment includes telecommunications and other businesses.
(2) Segment information
As of and for the year ended March 31, 2021
Yen in millions
Automotive
Financial
services
All other
Inter-segment
Elimination/
Unallocated
Amount
Consolidated
Sales revenues
Revenues from external customers
.....
24,597,846
2,137,195
479,553
\u2014
27,214,594
Inter-segment revenues and transfers . . .
53,706
25,042
572,812
(651,560)
\u2014
Total
........................
24,651,552
2,162,237
1,052,365
(651,560)
27,214,594
Operating expenses
.....................
23,044,391
1,666,645
967,015
(661,205)
25,016,845
Operating income
......................
1,607,161
495,593
85,350
9,645
2,197,748
Total assets
...........................
21,412,034
28,275,239
2,720,720
9,859,147
62,267,140
Investments accounted for using the equity
method
.............................
3,698,990
71,336
248,814
141,664
4,160,803
Depreciation and amortization
............
893,704
715,757
34,829
\u2014
1,644,290
Capital expenditures
....................
1,341,032
2,151,455
76,370
40,843
3,609,699
F-24
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
As of and for the year ended March 31, 2022
Yen in millions
Automotive
Financial
services
All other
Inter-segment
Elimination/
Unallocated
Amount
Consolidated
Sales revenues
Revenues from external customers
.....
28,531,993
2,306,079
541,436
\u2014
31,379,507
Inter-segment revenues and transfers . . .
73,745
17,947
588,441
(680,133)
\u2014
Total
........................
28,605,738
2,324,026
1,129,876
(680,133)
31,379,507
Operating expenses
.....................
26,321,448
1,667,025
1,087,575
(692,237)
28,383,811
Operating income
......................
2,284,290
657,001
42,302
12,104
2,995,697
Total assets
...........................
24,341,737
31,681,472
3,091,011
8,574,551
67,688,771
Investments accounted for using the equity
method
.............................
4,354,085
79,414
258,750
145,646
4,837,895
Depreciation and amortization
............
1,026,834
761,801
33,245
\u2014
1,821,880
Capital expenditures
....................
1,422,429
2,156,339
51,200
(18,381)
3,611,587
As of and for the year ended March 31, 2023
Yen in millions
Automotive
Financial
services
All other
Inter-segment
Elimination/
Unallocated
Amount
Consolidated
Sales revenues
Revenues from external customers
.....
33,776,870
2,786,679
590,749
\u2014
37,154,298
Inter-segment revenues and transfers . . .
43,131
22,968
634,194
(700,293)
\u2014
Total
........................
33,820,000
2,809,647
1,224,943
(700,293)
37,154,298
Operating expenses
.....................
31,639,363
2,372,131
1,121,492
(703,713)
34,429,273
Operating income
......................
2,180,637
437,516
103,451
3,420
2,725,025
Total assets
........................ ...
26,321,858
35,525,441
2,946,994
9,508,887
74,303,180
Investments accounted for using the equity
method
.............................
4,717,231
92,903
272,752
144,460
5,227,345
Depreciation and amortization
............
1,205,687
799,156
35,062
\u2014
2,039,904
Capital expenditures
....................
1,688,114
1,786,373
38,748
(17,015)
3,496,219
Accounting policies applied by each segment is in conformity with those of Toyota\u2019s consolidated financial
statements. Transfers between industry segments are made in accordance with terms and conditions in the
ordinary course of business.
Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of
cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and
the balances as of March 31, 2021, 2022 and 2023 are \u00a511,344,879 million, \u00a510,020,460 million and
\u00a511,101,175 million, respectively.
F-25
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(3) Consolidated Financial Statements on Non-Financial Services Businesses and Financial Services
Business
The financial data below presents separately Toyota\u2019s non-financial services and financial services
businesses.
(i) Consolidated Statement of Financial Position on Non-Financial Services Businesses and Financial
Services Business
Yen in millions
March 31, 2022
March 31, 2023
Assets
(Non-Financial Services Businesses)
Current assets
Cash and cash equivalents
................................
4,299,522
5,548,398
Trade accounts and other receivable
.........................
3,184,782
3,594,057
Other financial assets
....................................
2,028,649
849,779
Inventories
............................................
3,821,356
4,255,614
Other current assets
......................................
746,134
749,078
Total current assets
......................................
14,080,444
14,996,926
Non-current assets
Property, plant and equipment
.............................
7,302,017
7,729,000
Other
.................................................
15,769,015
17,337,727
Total non-current assets
..................................
23,071,032
25,066,727
Total assets
................................................
37,151,476
40,063,653
(Financial Services Business)
Current assets
Cash and cash equivalents
................................
1,814,133
1,968,568
Trade accounts and other receivable
.........................
206,588
286,960
Receivables related to financial services
.....................
7,181,327
8,279,806
Other financial assets
....................................
1,058,620
1,680,242
Other current assets
......................................
221,738
362,660
Total current assets
......................................
10,482,407
12,578,237
Non-current assets
Receivables related to financial services
.....................
14,583,130
16,491,045
Property, plant and equipment
.............................
5,024,625
4,904,975
Other
.................................................
1,591,311
1,551,183
Total non-current assets
..................................
21,199,065
22,947,204
Total assets
................................................
31,681,472
35,525,441
(Elimination)
Elimination of assets
.........................................
(1,144,177)
(1,285,914)
(Consolidated)
Total assets
................................................
67,688,771
74,303,180
Note: Assets in non-financial services include unallocated corporate assets.
F-26
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
March 31, 2022
March 31, 2023
Liabilities
(Non-Financial Services Businesses)
Current liabilities
Trade accounts and other payables
..........................
4,023,857
4,689,034
Short-term and current portion of long-term debt
..............
1,041,557
1,170,114
Accrued expenses
.......................................
1,421,194
1,446,697
Income taxes payable
....................................
695,888
361,000
Other current liabilities
...................................
2,778,172
3,266,095
Total current liabilities
...................................
9,960,668
10,932,939
Non-current liabilities
Long-term debt
.........................................
1,538,884
1,553,622
Retirement benefit liabilities
...............................
1,004,558
1,047,430
Other non-current liabilities
...............................
1,830,146
1,867,028
Total non-current liabilities
...............................
4,373,588
4,468,080
Total liabilities
.............................................
14,334,256
15,401,019
(Financial Services Business)
Current liabilities
Trade accounts and other payables
..........................
477,550
547,511
Short-term and current portion of long-term debt
..............
10,576,910
11,583,602
Accrued expenses
.......................................
124,088
128,994
Income taxes payable
....................................
130,927
43,607
Other current liabilities
...................................
1,414,606
1,841,562
Total current liabilities
...................................
12,724,080
14,145,275
Non-current liabilities
Long-term debt
.........................................
13,882,650
15,627,943
Retirement benefit liabilities
...............................
18,190
18,078
Other non-current liabilities
...............................
722,257
1,135,862
Total non-current liabilities
...............................
14,623,097
16,781,883
Total liabilities
.............................................
27,347,177
30,927,158
(Elimination)
Elimination of liabilities
......................................
(1,147,482)
(1,289,211)
(Consolidated)
Total liabilities
.............................................
40,533,951
45,038,967
Shareholders\u2019 equity
(Consolidated) Total Toyota Motor Corporation shareholders\u2019 equity
......
26,245,969
28,338,706
(Consolidated) Non-controlling interests
.............................
908,851
925,507
(Consolidated) Total shareholders\u2019 equity
............................
27,154,820
29,264,213
(Consolidated) Total liabilities and shareholders\u2019 equity
.................
67,688,771
74,303,180
F-27
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(ii) Consolidated Statement of Income on Non-Financial Services Businesses and Financial Services
Business
Yen in millions
For the year ended
March 31, 2021
For the year ended
March 31, 2022
For the year ended
March 31, 2023
(Non-Financial Services Businesses)
Sales revenues
.................................
25,103,190
29,104,564
34,409,011
Cost of revenues
...............................
21,199,915
24,250,860
29,132,715
Selling, general and administrative
.................
2,206,205
2,518,182
2,990,316
Operating income
...............................
1,697,070
2,335,522
2,285,980
Other income (loss), net
..........................
742,785
998,001
943,777
Income before income taxes
......................
2,439,855
3,333,522
3,229,757
Income tax expense
.............................
528,413
944,594
1,040,864
Net income
....................................
1,911,442
2,388,928
2,188,893
Net income attributable to
Toyota Motor Corporation
....................
1,875,467
2,369,399
2,152,509
Non-controlling interests
.....................
35,975
19,529
36,384
(Financial Services Business)
Sales revenues
.................................
2,162,237
2,324,026
2,809,647
Cost of revenues
...............................
1,202,277
1,178,509
1,741,117
Selling, general and administrative
.................
464,368
488,517
631,014
Operating income
...............................
495,593
657,001
437,516
Other income (loss), net
..........................
(3,090)
16
(5,013)
Income before income taxes
......................
492,503
657,017
432,503
Income tax expense
.............................
121,536
171,327
134,903
Net income
....................................
370,967
485,690
297,600
Net income attributable to
Toyota Motor Corporation
....................
369,824
480,716
292,334
Non-controlling interests
.....................
1,143
4,974
5,266
(Elimination)
Elimination of net income
........................
(30)
(4)
6,475
(Consolidated)
Net income
....................................
2,282,378
2,874,614
2,492,967
Net income attributable to
Toyota Motor Corporation
....................
2,245,261
2,850,110
2,451,318
Non-controlling interests
.....................
37,118
24,504
41,650
F-28
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(iii) Consolidated Statement of Cash Flows on Non-Financial Services Businesses and Financial Services
Business
Yen in millions
For the year ended
March 31, 2021
For the year ended
March 31, 2022
For the year ended
March 31, 2023
(Non-Financial Services Businesses)
Cash flows from operating activities
Net income
.....................................
1,911,442
2,388,928
2,188,893
Depreciation and amortization
......................
928,533
1,060,079
1,240,749
Share of profit (loss) of investments accounted for using
the equity method
..............................
(345,374)
(552,515)
(633,324)
Income tax expense
...............................
528,413
944,594
1,040,864
Changes in operating assets and liabilities, and other
....
(262,407)
(572,082)
463,871
Interest received
.................................
123,606
100,118
234,945
Dividends received
...............................
290,618
342,646
454,752
Interest paid
....................................
(35,371)
(40,780)
(28,206)
Income taxes paid, net of refunds
....................
(505,260)
(544,887)
(1,280,341)
Net cash provided by (used in) operating activities
......
2,634,200
3,126,101
3,682,203
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to
others
........................................
(1,203,662)
(1,186,900)
(1,439,724)
Additions to equipment leased to others
...............
(142,217)
(151,456)
(147,792)
Proceeds from sales of fixed assets excluding equipment
leased to others
................................
38,575
36,219
54,572
Proceeds from sales of equipment leased to others
......
46,461
45,183
44,195
Additions to intangible assets
.......................
(271,274)
(335,436)
(333,295)
Additions to public and corporate bonds and stocks
.....
(2,511,346)
(1,904,588)
(503,977)
Proceeds from sales of public and corporate bonds and
stocks and upon maturity of public and corporate
bonds
........................................
1,982,302
1,989,345
892,814
Other, net
......................................
(1,339,372)
1,856,069
236,351
Net cash provided by (used in) investing activities
......
(3,400,534)
348,436
(1,196,856)
Cash flows from financing activities
Increase (decrease) in short-term debt
................
213,716
(164,899)
142,688
Proceeds from long-term debt
......................
1,662,593
513,371
474,535
Payments of long-term debt
........................
(170,373)
(1,818,653)
(637,982)
Dividends paid to Toyota Motor Corporation common
shareholders
..................................
(625,514)
(709,872)
(727,980)
Dividends paid to non-controlling interests
............
(34,840)
(49,629)
(79,782)
Reissuance (repurchase) of treasury stock
.............
199,884
(404,718)
(431,099)
Other, net
......................................
\u2014
\u2014
21,458
Net cash provided by (used in) financing activities
......
1,245,465
(2,634,401)
(1,238,161)
Effect of exchange rate changes on cash and cash
equivalents
.......................................
112,588
185,237
1,690
Net increase (decrease) in cash and cash equivalents
.........
591,719
1,025,373
1,248,876
Cash and cash equivalents at beginning of year
.............
2,682,431
3,274,149
4,299,522
Cash and cash equivalents at end of year
..................
3,274,149
4,299,522
5,548,398
F-29
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
For the year ended
March 31, 2021
For the year ended
March 31, 2022
For the year ended
March 31, 2023
(Financial Services Business)
Cash flows from operating activities
Net income
.....................................
370,967
485,690
297,600
Depreciation and amortization
......................
715,757
761,801
799,156
Interest income and interest costs related to financial
services, net
...................................
(241,016)
(360,837)
(703,971)
Share of profit (loss) of investments accounted for using
the equity method
..............................
(5,655)
(7,831)
(9,739)
Income tax expense
...............................
121,536
171,327
134,903
Changes in operating assets and liabilities, and other
....
(780,798)
(623,051)
(1,958,779)
Interest received
.................................
661,272
742,364
1,291,100
Dividends received
...............................
3,901
4,740
5,599
Interest paid
....................................
(431,939)
(384,006)
(574,650)
Income taxes paid, net of refunds
....................
(304,856)
(264,876)
(16,883)
Net cash provided by (used in) operating activities
......
109,168
525,321
(735,664)
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to
others
........................................
(10,240)
(10,366)
(10,472)
Additions to equipment leased to others
...............
(2,133,378)
(2,135,437)
(1,759,564)
Proceeds from sales of fixed assets excluding equipment
leased to others
................................
1,967
1,530
1,865
Proceeds from sales of equipment leased to others
......
1,325,238
1,496,949
1,614,965
Additions to intangible assets
.......................
(7,173)
(10,650)
(14,985)
Additions to public and corporate bonds and stocks
.....
(217,825)
(523,323)
(646,237)
Proceeds from sales of public and corporate bonds and
stocks and upon maturity of public and corporate
bonds
........................................
79,616
213,291
440,915
Other, net
......................................
(35,893)
113,635
(30,385)
Net cash provided by (used in) investing activities
......
(997,688)
(854,370)
(403,898)
Cash flows from financing activities
Increase (decrease) in short-term debt
................
(1,517,259)
(488,495)
171,293
Proceeds from long-term debt
......................
8,043,141
7,800,854
8,892,261
Payments of long-term debt
........................
(5,332,573)
(7,142,750)
(7,868,820)
Dividends paid to non-controlling interests
............
(1,757)
(2,094)
(5,204)
Other, net
......................................
\u2014
\u2014
2,853
Net cash provided by (used in) financing activities
......
1,191,551
167,516
1,192,382
Effect of exchange rate changes on cash and cash
equivalents
.......................................
107,657
148,958
101,615
Net increase (decrease) in cash and cash equivalents
.........
410,688
(12,575)
154,436
Cash and cash equivalents at beginning of year
.............
1,416,020
1,826,707
1,814,133
Cash and cash equivalents at end of year
..................
1,826,707
1,814,133
1,968,568
(Consolidated)
Effect of exchange rate changes on cash and cash
equivalents
.......................................
220,245
334,195
103,305
Net increase (decrease) in cash and cash equivalents
.........
1,002,406
1,012,798
1,403,311
Cash and cash equivalents at beginning of year
.............
4,098,450
5,100,857
6,113,655
Cash and cash equivalents at end of year
..................
5,100,857
6,113,655
7,516,966
F-30
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(4) Geographic information
As of and for the year ended March 31, 2021
Yen in millions
Japan
North
America
Europe
Asia
Other
Inter-segment
Elimination/
Unallocated
Amount
Consolidated
Sales revenues
Revenues from external
customers
...........
8,587,193
9,325,950 2,968,289 4,555,897 1,777,266
\u2014
27,214,594
Inter-segment revenues
and transfers
.........
6,361,739
165,853
166,200
489,398
95,630
(7,278,820)
\u2014
Total
.............
14,948,931
9,491,803 3,134,489 5,045,295 1,872,895
(7,278,820)27,214,594
Operating expenses
.........
13,799,715
9,090,442 3,026,518 4,609,354 1,813,048
(7,322,232)25,016,845
Operating income
..........
1,149,217
401,361
107,971
435,940
59,847
43,413
2,197,748
Total assets
...............
19,674,666 20,138,715 5,074,409 6,548,343 3,469,635
7,361,372 62,267,140
Non-current assets
..........
5,232,862
5,705,770
751,245
896,542
461,723
\u2014
13,048,143
As of and for the year ended March 31, 2022
Yen in millions
Japan
North
America
Europe
Asia
Other
Inter-segment
Elimination/
Unallocated
Amount
Consolidated
Sales revenues
Revenues from external
customers
...........
8,214,740 10,897,946 3,692,214 5,778,115 2,796,493
\u2014
31,379,507
Inter-segment revenues
and transfers
.........
7,776,696
268,534
175,633
752,452
131,690
(9,105,004)
\u2014
Total
.............
15,991,436 11,166,479 3,867,847 6,530,566 2,928,183
(9,105,004)31,379,507
Operating expenses
.........
14,567,991 10,600,695 3,704,874 5,858,216 2,690,014
(9,037,980)28,383,811
Operating income
..........
1,423,445
565,784
162,973
672,350
238,169
(67,024) 2,995,697
Total assets
...............
21,502,155 23,353,812 5,711,271 7,461,812 4,309,248
5,350,474 67,688,771
Non-current assets
..........
5,501,046
6,251,499
891,146
977,235
537,631
\u2014
14,158,559
F-31
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
As of and for the year ended March 31, 2023
Yen in millions
Japan
North
America
Europe
Asia
Other
Inter-segment
Elimination/
Unallocated
Amount
Consolidated
Sales revenues
Revenues from external
customers
...........
9,122,282 13,509,027 4,097,537 7,076,922 3,348,530
\u2014
37,154,298
Inter-segment revenues
and transfers
........
8,460,914
334,874
176,198
967,984
123,663
(10,063,633)
\u2014
Total
............
17,583,196 13,843,901 4,273,735 8,044,906 3,472,193
(10,063,633) 37,154,298
Operating expenses
.........
15,681,733 13,918,637 4,216,276 7,330,455 3,240,832
(9,958,659) 34,429,273
Operating income (loss)
.....
1,901,463
(74,736)
57,460
714,451
231,362
(104,974)
2,725,025
Total assets
...............
23,241,334 26,024,734 6,813,474 7,908,520 4,726,373
5,588,745 74,303,180
Non-current assets
..........
5,658,859
6,255,561 1,042,726 1,031,057
565,377
\u2014
14,553,580
\u201cOther\u201d consists of Central and South America, Oceania, Africa and the Middle East.
Non-current assets do not include financial instruments, deferred tax assets, net defined benefit assets and
rights arising under insurance contracts.
The above amounts are aggregated by region based on the location of the country where TMC or
consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and
conditions in the ordinary course of business.
Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of
cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and
the
balances
as
March
31,
2021,
2022
and
2023
are
\u00a511,344,879
million,
\u00a510,020,460
million
and
\u00a511,101,175 million, respectively.
(5) Sales revenues by location of external customers
In addition to the disclosure requirements under IFRS, Toyota discloses this information in order to provide
financial statements users with valuable information
.
Yen in millions
For the years ended March 31,
2021
2022
2023
Japan
..................................................
6,820,590
6,425,184
6,742,304
North America
...........................................
9,437,314
10,953,472
13,578,084
Europe
.................................................
2,734,152
3,495,785
3,970,857
Asia
...................................................
5,057,397
6,017,646
7,150,555
Other
..................................................
3,165,141
4,487,420
5,712,497
Total
..............................................
27,214,594
31,379,507
37,154,298
\u201cOther\u201d consists of Central and South America, Oceania, Africa and the Middle East, etc.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15729": {
"value": "6. Cash and cash equivalents
Cash and cash equivalents consist of the following:
Yen in millions
March 31,
2022
2023
Cash and deposits
.....................................................
4,630,882
5,948,297
Negotiable certificate of deposit and other
..................................
1,482,773
1,568,669
Total
...........................................................
6,113,655
7,516,966
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15750": {
"value": "7. Trade accounts and other receivables
Trade accounts and other receivables consist of the following:
Yen in millions
March 31,
2022
2023
Accounts and notes receivables
..........................................
2,466,398
2,757,412
Other receivables
.....................................................
716,558
870,398
Allowance for doubtful accounts
.........................................
(40,124)
(41,679)
Total
...........................................................
3,142,832
3,586,130
Trade accounts and other receivables which are unconditional rights to considerations are classified as
financial assets measured at amortized cost. Receivables from contracts with customers correspond to \u201cAccounts
and notes receivables\u201d and the balance as of April 1, 2021 is \u00a52,301,976 million.
The changes in the allowance for doubtful accounts consist of the following:
Yen in millions
For the years ended March 31,
2022
2023
Allowance for doubtful accounts at beginning of year
.........................
97,378
110,793
Provision for doubtful accounts, net of reversal
..............................
10,649
8,844
Write-offs
...........................................................
(1,239)
(3,496)
Other
...............................................................
4,005
5,487
Allowance for doubtful accounts at end of year
..............................
110,793
121,628
\u201cOther\u201d includes currency translation adjustments.
A portion of the allowance for doubtful accounts is attributed to certain non-current receivable balances
which are reported as other financial assets under non-current assets.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15817": {
"value": "8. Finance receivables
Finance receivables consist of the following:
Yen in millions
March 31,
2022
2023
Retail
...............................................................
17,647,440
20,201,004
Finance leases
........................................................
2,347,941
2,503,369
Wholesale and other dealer loans
..........................................
2,904,216
3,461,421
Total
............................................................
22,899,597
26,165,794
Deferred origination costs
...............................................
328,792
359,743
Less - Unearned income
.................................................
(1,172,007)
(1,418,272)
Less - Allowance for credit losses
Retail
...........................................................
(230,104)
(274,871)
Finance leases
....................................................
(36,985)
(36,920)
Wholesale and other dealer loans
......................................
(24,836)
(24,622)
Total finance receivables, net
.............................................
21,764,457
24,770,851
Current assets
.........................................................
7,181,327
8,279,806
Non-current assets
.....................................................
14,583,130
16,491,045
Total finance receivables, net
.............................................
21,764,457
24,770,851
Finance receivables were geographically distributed as follows: in North America 55.0%, in Europe 13.3%,
in Asia 12.9%, in Japan 7.3% and in Other 11.5% as of March 31, 2022, and in North America 56.9%, in Europe
14.0%, in Asia 12.0%, in Japan 6.3% and in Other 10.8% as of March 31, 2023.
Finance receivables are classified as financial assets measured at amortized cost.
The contractual maturity of retail receivables, future lease payments to be received for finance leases, the
contractual maturity of wholesale receivables and other dealer loans are as follows:
Yen in millions
March 31, 2022
Retail
Finance leases
Wholesale and other
dealer loans
Within 1 year
.........................................
5,276,853
639,493
1,640,995
Between 1 and 2 years
..................................
3,988,650
482,368
319,847
Between 2 and 3 years
..................................
3,338,910
367,680
240,727
Between 3 and 4 years
..................................
2,546,568
198,789
161,717
Between 4 and 5 years
..................................
1,487,397
68,092
133,286
Later than 5 years
......................................
1,009,062
14,680
407,643
Total
............................................
17,647,440
1,771,102
2,904,216
F-34
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
March 31, 2023
Retail
Finance leases
Wholesale and other
dealer loans
Within 1 year
.........................................
5,822,035
736,347
2,101,711
Between 1 and 2 years
..................................
4,599,678
534,414
402,642
Between 2 and 3 years
..................................
3,930,516
402,625
266,593
Between 3 and 4 years
..................................
3,013,894
196,046
142,888
Between 4 and 5 years
..................................
1,737,460
64,676
145,964
Later than 5 years
......................................
1,097,422
13,540
401,622
Total
............................................
20,201,004
1,947,649
3,461,421
Finance leases receivables consist of the following:
Yen in millions
March 31,
2022
2023
Lease payments
........................................................
1,771,102
1,947,649
Estimated unguaranteed residual values
.....................................
576,839
555,720
Total
........................................................
2,347,941
2,503,369
Deferred origination costs
................................................
15,807
18,587
Less - Unearned income
.................................................
(190,954)
(224,761)
Less - Allowance for credit losses
.........................................
(36,985)
(36,920)
Finance leases receivables, net
........................................
2,135,809
2,260,275
",
"dimensions": {
"concept": "tm:FinanceReceivablesExplanatoryTextBlock",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16023": {
"value": "9. Other financial assets
Other financial assets consist of the following:
Yen in millions
March 31,
2022
2023
Financial assets measured at amortized cost
Time deposits
.....................................................
505,695
206,494
Other
............................................................
680,199
766,455
Financial assets measured at fair value through profit or loss
Public and corporate bonds
...........................................
159,186
193,816
Stocks
...........................................................
149,890
168,214
Derivatives
.......................................................
419,173
610,340
Other
............................................................
465,801
496,052
Financial assets measured at fair value through other comprehensive income
Public and corporate bonds
...........................................
6,302,719
6,409,119
Stocks
...........................................................
3,332,209
3,413,780
Other
............................................................
9,644
7,838
Total
........................................................
12,024,515
12,272,107
Current assets
.........................................................
2,507,248
1,715,675
Non-current assets
......................................................
9,517,267
10,556,431
Total
........................................................
12,024,515
12,272,107
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\u2019s 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\u2019s 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.
Public and corporate bonds included in financial assets measured at fair value through other comprehensive
income include securities loaned of \u00a52,198,396 million and \u00a52,192,934 million as of March 31, 2022 and 2023,
respectively.
F-36
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Major securities included in stocks measured at fair value through other comprehensive income as of
March 31, 2022 and 2023 are as follows:
Yen in millions
March 31,
Issue
2022
2023
KDDI CORPORATION
.................................................
1,268,762
1,296,639
NIPPON TELEGRAPH AND TELEPHONE CORPORATION
..................
286,385
320,073
MS&AD Insurance Group Holdings, Inc
.....................................
209,318
216,053
HO TAI MOTOR CO., LTD
. .............................................
142,002
156,014
Renesas Electronics Corporation
..........................................
107,423
143,543
To facilitate the efficient and effective utilization of assets, Toyota derecognizes stocks measured at fair
value
through
other
comprehensive
income
by
way
of
sale.
Fair
value
and
total
accumulated
other
comprehensive income at derecognition are as follows:
Yen in millions
For the years ended
March 31,
2022
2023
Total fair value
........................................................
66,906
69,028
Accumulated other comprehensive income, net
...............................
27,861
35,124
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16170": {
"value": "10. Inventories
Inventories consist of the following:
Yen in millions
March 31,
2022
2023
Products
..............................................................
2,012,243
2,317,143
Work in process
........................................................
547,810
530,915
Raw materials
.........................................................
1,107,558
1,239,535
Supplies and other
......................................................
153,745
168,021
Total
............................................................
3,821,356
4,255,614
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16199": {
"value": "11. Investments accounted for using the equity method
Equity in associates and joint ventures is as follows:
Yen in millions
March 31,
2022
2023
Associates
............................................................
3,926,267
4,169,573
Joint ventures
..........................................................
911,628
1,057,773
Total
............................................................
4,837,895
5,227,345
F-37
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The combined information of investments accounted for using the equity method (total value of TMC\u2019s
interests) is as follows:
Yen in millions
For the years ended March 31,
2021
2022
2023
Net income
Associates
................................................
190,998
324,480
326,931
Joint ventures
..............................................
160,031
235,866
316,132
Total
................................................
351,029
560,346
643,063
Other comprehensive income, net of tax
Associates
................................................
50,143
241,264
99,737
Joint ventures
..............................................
38,501
66,187
3,295
Total
................................................
88,644
307,451
103,033
Comprehensive income
Associates
................................................
241,141
565,744
426,669
Joint ventures
..............................................
198,532
302,053
319,428
Total
................................................
439,673
867,798
746,096
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16287": {
"value": "12. Property, plant and equipment
The changes in cost and accumulated depreciation and impairment losses are as follows:
(Cost)
Yen in millions
Land
Buildings
Machinery and
equipment
Vehicles and
equipment on
operating leases
Construction
in progress
Total
Balance as of April 1, 2021
........
1,345,037
4,999,206
12,753,951
6,203,721
675,875
25,977,791
Additions
..................
9,106
88,543
481,916
2,293,189
629,786
3,502,541
Sales or disposal
............
(8,901)
(57,743)
(540,775)
(2,334,129)
(3,639)
(2,945,187)
Reclassification from
construction in progress
....
2,310
105,581
630,896
449
(739,235)
\u2014
Foreign currency translation
adjustments
..............
15,008
138,047
642,984
594,933
30,756
1,421,728
Other
.....................
(769)
10,985
13,390
23,065
(28,014)
18,657
Balance as of March 31, 2022
......
1,361,791
5,284,620
13,982,362
6,781,229
565,528
27,975,530
Additions
..................
14,990
75,098
433,393
1,916,239
934,847
3,374,566
Sales or disposal
............
(14,680)
(76,482)
(599,825)
(2,516,466)
(13,684)
(3,221,137)
Reclassification from
construction in progress
....
50,494
88,625
480,805
167
(620,091)
\u2014
Foreign currency translation
adjustments
..............
10,458
67,274
437,649
524,175
13,503
1,053,058
Other
.....................
3,317
25,676
62,235
69,083
(33,236)
127,075
Balance as of March 31, 2023
......
1,426,370
5,464,811
14,796,619
6,774,427
846,866
29,309,093
F-38
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(Accumulated depreciation and impairment losses)
Yen in millions
Land
Buildings
Machinery and
equipment
Vehicles and
equipment on
operating leases
Construction
in progress
Total
Balance as of April 1, 2021
........
(4,497) (3,189,737) (10,005,275)
(1,366,916)
(213) (14,566,638)
Depreciation
...............
\u2014
(121,431)
(788,685)
(817,171)
\u2014
(1,727,287)
Impairment losses
...........
\u2014
(2,527)
(5,177)
\u2014
\u2014
(7,705)
Sales or disposal
............
30
48,646
507,396
799,186
\u2014
1,355,259
Foreign currency translation
adjustments
..............
(351)
(79,026)
(461,159)
(115,693)
(24)
(656,252)
Other
.....................
(1,562)
(31,522)
(10,054)
(3,073)
(55)
(46,266)
Balance as of March 31, 2022
......
(6,379) (3,375,598) (10,762,953)
(1,503,668)
(292) (15,648,890)
Depreciation
...............
\u2014
(148,981)
(921,037)
(856,921)
\u2014
(1,926,939)
Impairment losses
...........
(393)
(10,517)
(17,358)
\u2014
(2,846)
(31,114)
Sales or disposal
............
150
63,448
559,467
860,708
\u2014
1,483,773
Foreign currency translation
adjustments
..............
(178)
(39,793)
(334,617)
(96,936)
(2)
(471,526)
Other
.....................
(513)
(17,746)
(53,167)
(8,928)
(71)
(80,423)
Balance as of March 31, 2023
......
(7,313) (3,529,186) (11,529,666)
(1,605,744)
(3,210) (16,675,119)
Depreciation on \u201cProperty, plant and equipment\u201d is included in \u201cCost of products sold\u201d and \u201cSelling,
general and administrative\u201d in the consolidated statement of income.
Vehicles and equipment on operating leases consist of the following:
Yen in millions
March 31,
2022
2023
Vehicles
..............................................................
6,766,590
6,759,024
Equipment
.............................................................
14,639
15,403
6,781,229
6,774,427
Less - Accumulated depreciation
...........................................
(1,503,668)
(1,605,744)
Vehicles and equipment on operating leases, net
...........................
5,277,561
5,168,683
F-39
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The following table presents future lease payments to be received for vehicles and equipments on operating
leases:
Yen in millions
March 31,
2022
2023
Within 1 year
......................................................
932,882
885,757
Between 1 and 2 years
...............................................
641,683
497,218
Between 2 and 3 years
...............................................
280,646
216,227
Between 3 and 4 years
...............................................
75,915
59,004
Between 4 and 5 years
...............................................
21,772
21,022
Later than 5 years
...................................................
9,801
10,484
Total future rentals
..............................................
1,962,699
1,689,712
The future lease payments to be received as shown above should not be considered indicative of future cash
collections.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16423": {
"value": "(Accumulated depreciation and impairment losses)
Yen in millions
Land
Buildings
Machinery and
equipment
Vehicles and
equipment on
operating leases
Construction
in progress
Total
Balance as of April 1, 2021
........
(4,497) (3,189,737) (10,005,275)
(1,366,916)
(213) (14,566,638)
Depreciation
...............
\u2014
(121,431)
(788,685)
(817,171)
\u2014
(1,727,287)
Impairment losses
...........
\u2014
(2,527)
(5,177)
\u2014
\u2014
(7,705)
Sales or disposal
............
30
48,646
507,396
799,186
\u2014
1,355,259
Foreign currency translation
adjustments
..............
(351)
(79,026)
(461,159)
(115,693)
(24)
(656,252)
Other
.....................
(1,562)
(31,522)
(10,054)
(3,073)
(55)
(46,266)
Balance as of March 31, 2022
......
(6,379) (3,375,598) (10,762,953)
(1,503,668)
(292) (15,648,890)
Depreciation
...............
\u2014
(148,981)
(921,037)
(856,921)
\u2014
(1,926,939)
Impairment losses
...........
(393)
(10,517)
(17,358)
\u2014
(2,846)
(31,114)
Sales or disposal
............
150
63,448
559,467
860,708
\u2014
1,483,773
Foreign currency translation
adjustments
..............
(178)
(39,793)
(334,617)
(96,936)
(2)
(471,526)
Other
.....................
(513)
(17,746)
(53,167)
(8,928)
(71)
(80,423)
Balance as of March 31, 2023
......
(7,313) (3,529,186) (11,529,666)
(1,605,744)
(3,210) (16,675,119)
Depreciation on \u201cProperty, plant and equipment\u201d is included in \u201cCost of products sold\u201d and \u201cSelling,
general and administrative\u201d in the consolidated statement of income.
Yen in millions
March 31,
2022
2023
Vehicles
..............................................................
6,766,590
6,759,024
Equipment
.............................................................
14,639
15,403
6,781,229
6,774,427
Less - Accumulated depreciation
...........................................
(1,503,668)
(1,605,744)
Vehicles and equipment on operating leases, net
...........................
5,277,561
5,168,683
13. Right of use assets and lease liabilities
The breakdown of right of use assets is as follows:
Yen in millions
March 31,
2022
2023
Types of original assets
Land
.............................................................
67,927
64,717
Buildings
..........................................................
305,533
333,698
Other
.............................................................
74,952
92,953
Total
.........................................................
448,412
491,368
The increase in the right of use assets for the years ended on March 31, 2022 and 2023 were
\u00a5110,996 million and \u00a5116,298 million, respectively.
The breakdown of main gains and losses on lessee\u2019s leases is as follows:
Yen in millions
March 31,
2022
2023
Depreciation of right of use assets
Land
.............................................................
8,660
5,217
Buildings
..........................................................
56,262
42,408
Other
.............................................................
26,293
36,566
Total
.........................................................
91,214
84,191
Interest expense on lease liabilities
.........................................
4,074
5,429
Short-term leases
.......................................................
90,568
97,025
185,856
186,645
For
the
years
ended
March
31,
2022
and
2023,
the
total
cash
outflows
for
lessee
leases
were
\u00a5149,521 million and \u00a5172,112 million, respectively.
The following is the maturity analysis of the total future lease payments and the adjustment to the present
value:
Yen in millions
March 31,
2022
2023
Within 1 year
..........................................................
61,735
74,780
Between 1 and 5 years
...................................................
146,452
179,026
Later than 5 years
.......................................................
258,474
254,096
Future lease payment, total
............................................
466,661
507,902
Less - Interest expense
...............................................
(45,733)
(51,781)
Present value of lease payment, total
................................
420,928
456,120
Current liabilities
...................................................
56,136
66,870
Non-current liabilities
................................................
364,792
389,250
Present value of lease payment, total
................................
420,928
456,120
(Accumulated amortization)
Yen in millions
Capitalized
development costs
Software and other
Total
Balance as of April 1, 2021
.............................
(472,966)
(250,417)
(723,382)
Amortization
....................................
(167,926)
(94,593)
(262,518)
Sales or disposal
..................................
163,419
60,375
223,794
Foreign currency translation adjustments
..............
\u2014
(13,570)
(13,570)
Other
...........................................
\u2014
(823)
(823)
Balance as of March 31, 2022
...........................
(477,472)
(299,028)
(776,500)
Amortization
....................................
(164,512)
(112,965)
(277,477)
Sales or disposal
..................................
152,161
37,901
190,062
Foreign currency translation adjustments
..............
\u2014
(10,533)
(10,533)
Other
...........................................
\u2014
(1,261)
(1,261)
Balance as of March 31, 2023
...........................
(489,823)
(385,886)
(875,708)
Amortization of intangible assets is included in \u201cCost of products sold\u201d and \u201cSelling, general and
administrative\u201d in the consolidated statement of income. There is no material internally generated intangible
assets except for capitalized development costs.
",
"dimensions": {
"concept": "tm:DisclosureOfRightOfUseAssetsAndLeaseLiabilitiesExplanatoryTextBlock",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16738": {
"value": "14. Intangible assets
The carrying value of intangible assets is as follows:
Yen in millions
March 31,
2022
2023
Capitalized development costs
.............................................
663,762
669,612
Software and other
......................................................
528,204
579,510
Total
.............................................................
1,191,966
1,249,122
F-41
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The changes in cost and accumulated amortization of intangible assets are as follows:
(Cost)
Yen in millions
Capitalized
development costs
Software and other
Total
Balance as of April 1, 2021
.............................
1,104,142
727,874
1,832,016
Additions
.......................................
\u2014
41,616
41,616
Internally developed
...............................
200,512
86,342
286,853
Sales or disposal
..................................
(163,419)
(60,981)
(224,400)
Foreign currency translation adjustments
..............
\u2014
25,333
25,333
Other
...........................................
\u2014
7,048
7,048
Balance as of March 31, 2022
...........................
1,141,234
827,232
1,968,466
Additions
.......................................
\u2014
40,655
40,655
Internally developed
...............................
181,634
98,040
279,674
Sales or disposal
..................................
(164,898)
(38,473)
(203,372)
Foreign currency translation adjustments
..............
1,465
20,886
22,351
Other
...........................................
\u2014
17,056
17,056
Balance as of March 31, 2023
...........................
1,159,435
965,395
2,124,830
(Accumulated amortization)
Yen in millions
Capitalized
development costs
Software and other
Total
Balance as of April 1, 2021
.............................
(472,966)
(250,417)
(723,382)
Amortization
....................................
(167,926)
(94,593)
(262,518)
Sales or disposal
..................................
163,419
60,375
223,794
Foreign currency translation adjustments
..............
\u2014
(13,570)
(13,570)
Other
...........................................
\u2014
(823)
(823)
Balance as of March 31, 2022
...........................
(477,472)
(299,028)
(776,500)
Amortization
....................................
(164,512)
(112,965)
(277,477)
Sales or disposal
..................................
152,161
37,901
190,062
Foreign currency translation adjustments
..............
\u2014
(10,533)
(10,533)
Other
...........................................
\u2014
(1,261)
(1,261)
Balance as of March 31, 2023
...........................
(489,823)
(385,886)
(875,708)
Amortization of intangible assets is included in \u201cCost of products sold\u201d and \u201cSelling, general and
administrative\u201d in the consolidated statement of income. There is no material internally generated intangible
assets except for capitalized development costs.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16920": {
"value": "15. Income taxes
(1) Deferred tax assets and liabilities
Significant components of deferred tax assets and liabilities are as follows:
Yen in millions
March 31,
2022
2023
Deferred tax assets
Defined benefit plan liabilities
........................................
141,186
120,007
Accrued expenses and liabilities for quality assurance
.....................
613,101
662,425
Other accrued employees\u2019 compensation
................................
128,461
127,668
Operating loss carryforwards for tax purposes
............................
64,740
191,906
Allowance for doubtful accounts and credit losses
........................
85,289
94,639
Property, plant and equipment and other assets
...........................
210,238
252,441
Other
............................................................
491,167
463,250
Total deferred tax assets
.........................................
1,734,181
1,912,336
Deferred tax liabilities
Changes in fair value of financial instruments measured in other comprehensive
income
.........................................................
(725,242)
(737,156)
Undistributed earnings of foreign subsidiaries
............................
(51,888)
(39,496)
Undistributed earnings of associates and joint ventures
.....................
(1,026,027)
(1,076,742)
Basis difference of acquired assets
.....................................
(63,189)
(78,206)
Capitalized development costs
........................................
(204,741)
(201,120)
Lease transactions
..................................................
(468,894)
(972,158)
Other
............................................................
(206,791)
(222,378)
Total deferred tax liabilities
......................................
(2,746,773)
(3,327,255)
Net deferred tax assets and liabilities
...............................
(1,012,592)
(1,414,919)
F-43
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Of the changes in deferred tax assets and deferred tax liabilities for the years ended March 31, 2021, 2022
and 2023, the amount recognized as income tax expense in the consolidated statement of income is as follows:
Yen in millions
For the years ended March 31,
2021
2022
2023
Defined benefit plan liabilities
...............................
12,473
4,203
802
Accrued expenses and liabilities for quality assurance
.............
(18,256)
(40,761)
26,942
Other accrued employees\u2019 compensation
.......................
3,125
(968)
(2,745)
Operating loss carryforwards for tax purposes
...................
1,265
38,119
116,344
Allowance for doubtful accounts and credit losses
................
6,042
(4,902)
4,474
Property, plant and equipment and other assets
..................
4,468
(9,795)
24,850
Undistributed earnings of foreign subsidiaries
...................
6,144
(33,349)
12,391
Undistributed earnings of associates and joint ventures
............
47,840
(71,405)
(63,520)
Basis difference of acquired assets
............................
(18,302)
(11,270)
(12,075)
Capitalized development costs
...............................
(1,762)
(9,708)
4,003
Lease transactions
.........................................
209,972
103,098
(487,702)
Other
...................................................
23,104
111,603
44,144
Total
................................................
276,113
74,864
(332,091)
The deductible temporary differences, unused tax losses, and unused tax credits for which no deferred tax
asset is recognized in the statement of financial position:
Yen in millions
March 31,
2022
2023
Deductible temporary difference
.........................................
709,204
968,060
Carryforwards of tax losses
.............................................
518,385
712,357
Carryforwards of tax credit
..............................................
46,306
115,809
Total
...........................................................
1,273,894
1,796,225
The expected expiration date of the carryforwards of tax losses for which deferred tax assets are not
recognized are as follows:
Yen in millions
March 31,
2022
2023
Within 5 years
........................................................
4,049
75,839
Between 5 and 10 years
................................................
136,666
313,895
Later than 10 years
....................................................
377,670
322,623
Total
...........................................................
518,385
712,357
F-44
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The expected expiration date of the carryforwards of tax credit for which deferred tax assets are not
recognized are as follows:
Yen in millions
March 31,
2022
2023
Within 5 years
........................................................
8,654
10,018
Between 5 and 10 years
................................................
9,865
18,107
Later than 10 years
....................................................
27,787
87,684
Total
...........................................................
46,306
115,809
Of the temporary differences in investments in foreign subsidiaries, because management intends to reinvest
undistributed earnings of foreign subsidiaries to the extent not expected to be remitted in the foreseeable future,
no deferred tax liability is recognized. As of March 31, 2022 and 2023, the temporary differences totaled
\u00a54,799,506 million and \u00a54,367,250 million, respectively, and Toyota estimates an additional deferred tax liability
of \u00a5203,229 million and \u00a5202,488 million would be required, respectively, if the full amount of those
undistributed earnings were remitted.
(2) Income tax expenses
The income tax expense for the years ended March 31, 2021, 2022 and 2023 consists of the following:
Yen in millions
For the years ended March 31,
2021
2022
2023
Current income tax expense:
TMC and domestic subsidiaries
...............................
403,230
672,077
758,772
Foreign subsidiaries
........................................
522,859
518,705
84,902
Total current
..........................................
926,089
1,190,782
843,674
Deferred income tax expense (benefit):
TMC and domestic subsidiaries
...............................
(23,792)
42,131
27,783
Foreign subsidiaries
........................................
(252,321)
(116,995)
304,308
Total deferred
.........................................
(276,113)
(74,864)
332,091
Total income tax expense
................................
649,976
1,115,918
1,175,765
F-45
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Toyota is subject to a number of different income taxes which, in the aggregate, indicate a statutory rate in
Japan of approximately 30.9% for the years ended March 31, 2021, 2022 and 2023. 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 future years. Reconciliation of the differences between
the statutory tax rate and the average effective tax rate is as follows:
For the years ended March 31,
2021
2022
2023
Statutory tax rate
...............................................
30.9%
30.9%
30.9%
Increase (reduction) in taxes resulting from:
Non-deductible expenses
.....................................
0.5
0.6
0.8
Tax-exempt income
.........................................
(0.4)
(0.3)
(0.4)
Deferred tax liabilities on undistributed earnings of foreign
subsidiaries
.............................................
0.6
1.3
1.1
Effects of investments accounted for using the equity method
........
(3.7)
(4.3)
(5.4)
Deferred tax liabilities on undistributed earnings of associates and joint
ventures
................................................
(0.2)
2.6
3.1
Change in unrecognized deferred tax assets
......................
0.7
3.7
6.3
Tax credits
................................................
(3.2)
(2.7)
(3.5)
The difference between the statutory tax rate in Japan and that of
foreign subsidiaries
.......................................
(3.5)
(3.1)
(1.5)
Unrecognized tax benefits adjustments
..........................
(0.2)
(0.3)
0.4
Other
....................................................
0.6
(0.3)
0.3
Average effective tax rate
........................................
22.2%
28.0%
32.0%
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16923": {
"value": "(1) Deferred tax assets and liabilities
Significant components of deferred tax assets and liabilities are as follows:
Yen in millions
March 31,
2022
2023
Deferred tax assets
Defined benefit plan liabilities
........................................
141,186
120,007
Accrued expenses and liabilities for quality assurance
.....................
613,101
662,425
Other accrued employees\u2019 compensation
................................
128,461
127,668
Operating loss carryforwards for tax purposes
............................
64,740
191,906
Allowance for doubtful accounts and credit losses
........................
85,289
94,639
Property, plant and equipment and other assets
...........................
210,238
252,441
Other
............................................................
491,167
463,250
Total deferred tax assets
.........................................
1,734,181
1,912,336
Deferred tax liabilities
Changes in fair value of financial instruments measured in other comprehensive
income
.........................................................
(725,242)
(737,156)
Undistributed earnings of foreign subsidiaries
............................
(51,888)
(39,496)
Undistributed earnings of associates and joint ventures
.....................
(1,026,027)
(1,076,742)
Basis difference of acquired assets
.....................................
(63,189)
(78,206)
Capitalized development costs
........................................
(204,741)
(201,120)
Lease transactions
..................................................
(468,894)
(972,158)
Other
............................................................
(206,791)
(222,378)
Total deferred tax liabilities
......................................
(2,746,773)
(3,327,255)
Net deferred tax assets and liabilities
...............................
(1,012,592)
(1,414,919)
F-43
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Of the changes in deferred tax assets and deferred tax liabilities for the years ended March 31, 2021, 2022
and 2023, the amount recognized as income tax expense in the consolidated statement of income is as follows:
Yen in millions
For the years ended March 31,
2021
2022
2023
Defined benefit plan liabilities
...............................
12,473
4,203
802
Accrued expenses and liabilities for quality assurance
.............
(18,256)
(40,761)
26,942
Other accrued employees\u2019 compensation
.......................
3,125
(968)
(2,745)
Operating loss carryforwards for tax purposes
...................
1,265
38,119
116,344
Allowance for doubtful accounts and credit losses
................
6,042
(4,902)
4,474
Property, plant and equipment and other assets
..................
4,468
(9,795)
24,850
Undistributed earnings of foreign subsidiaries
...................
6,144
(33,349)
12,391
Undistributed earnings of associates and joint ventures
............
47,840
(71,405)
(63,520)
Basis difference of acquired assets
............................
(18,302)
(11,270)
(12,075)
Capitalized development costs
...............................
(1,762)
(9,708)
4,003
Lease transactions
.........................................
209,972
103,098
(487,702)
Other
...................................................
23,104
111,603
44,144
Total
................................................
276,113
74,864
(332,091)
The deductible temporary differences, unused tax losses, and unused tax credits for which no deferred tax
asset is recognized in the statement of financial position:
Yen in millions
March 31,
2022
2023
Deductible temporary difference
.........................................
709,204
968,060
Carryforwards of tax losses
.............................................
518,385
712,357
Carryforwards of tax credit
..............................................
46,306
115,809
Total
...........................................................
1,273,894
1,796,225
The expected expiration date of the carryforwards of tax losses for which deferred tax assets are not
recognized are as follows:
Yen in millions
March 31,
2022
2023
Within 5 years
........................................................
4,049
75,839
Between 5 and 10 years
................................................
136,666
313,895
Later than 10 years
....................................................
377,670
322,623
Total
...........................................................
518,385
712,357
F-44
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The expected expiration date of the carryforwards of tax credit for which deferred tax assets are not
recognized are as follows:
Yen in millions
March 31,
2022
2023
Within 5 years
........................................................
8,654
10,018
Between 5 and 10 years
................................................
9,865
18,107
Later than 10 years
....................................................
27,787
87,684
Total
...........................................................
46,306
115,809
Of the temporary differences in investments in foreign subsidiaries, because management intends to reinvest
undistributed earnings of foreign subsidiaries to the extent not expected to be remitted in the foreseeable future,
no deferred tax liability is recognized. As of March 31, 2022 and 2023, the temporary differences totaled
\u00a54,799,506 million and \u00a54,367,250 million, respectively, and Toyota estimates an additional deferred tax liability
of \u00a5203,229 million and \u00a5202,488 million would be required, respectively, if the full amount of those
undistributed earnings were remitted.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17303": {
"value": "16. Trade accounts and other payables
Trade accounts and other payables consists of the following:
Yen in millions
March 31,
2022
2023
Accounts and notes payables
................................................
3,168,084
3,819,334
Other payables
...........................................................
1,124,008
1,166,974
Total
..............................................................
4,292,092
4,986,309
Trade accounts and other payables are classified as financial liabilities measured at amortized cost.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17336": {
"value": "17. Financial liabilities
(1) Financial liabilities
Financial liabilities consist of the following:
Yen in millions
Non-cash changes
As of
April 1, 2021
Cash flow
Acquisitions
Reclassification
Changes
in foreign
currency
exchange
rates
Changes
in fair value
Other
As of
March 31, 2022
Current liabilities
Short-term debt
..............
4,339,890
(579,216)
\u2014
\u2014
334,639
\u2014
9,544
4,104,858
Current portion of long-term
debt
.....................
7,584,337
(8,548,156)
\u2014
7,410,991
572,070
\u2014
7,604
7,026,845
Current portion of long-term
lease liabilities
.............
47,120
(54,879)
\u2014
34,071
2,192
\u2014
27,632
56,136
Class share
..................
240,712
(240,630)
\u2014
\u2014
\u2014
\u2014
(83)
\u2014
Current liabilities
.........
12,212,060
(9,422,881)
\u2014
7,445,062
908,902
\u2014
44,697
11,187,839
Non-current liabilities
Long-term debt
..............
13,133,804
8,122,678
\u2014
(7,410,991)
1,095,463
\u2014
2,773
14,943,727
Long-term lease liabilities
......
313,771
\u2014
110,996
(34,071)
14,203
\u2014
(40,107)
364,792
Class share
..................
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Non-current liabilities
.....
13,447,575
8,122,678
110,996
(7,445,062)
1,109,666
\u2014
(37,334)
15,308,519
Total
..................
25,659,635
(1,300,203)
110,996
\u2014
2,018,568
\u2014
7,363
26,496,358
Derivatives
.....................
3,211
(12,026)
\u2014
\u2014
689
15,348
\u2014
7,221
Yen in millions
Non-cash changes
As of
April 1, 2022
Cash flow
Acquisitions
Reclassification
Changes
in foreign
currency
exchange
rates
Changes
in fair value
Other
As of
March 31, 2023
Current liabilities
Short-term debt
..............
4,104,858
239,689
\u2014
\u2014
231,700
\u2014
13,926
4,590,173
Current portion of long-term
debt
.....................
7,026,845
(8,283,375)
\u2014
8,380,467
467,956
\u2014
56,704
7,648,596
Current portion of long-term
lease liabilities
.............
56,136
(69,658)
\u2014
39,311
1,424
\u2014
39,657
66,870
Class share
..................
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current liabilities
.........
11,187,839
(8,113,344)
\u2014
8,419,778
701,080
\u2014
110,286
12,305,639
Non-current liabilities
Long-term debt
..............
14,943,727
9,276,918
\u2014
(8,380,467)
836,348
\u2014
8,858
16,685,384
Long-term lease liabilities
......
364,792
\u2014
116,298
(39,311)
9,277
\u2014
(61,807)
389,250
Class share
..................
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Non-current liabilities
.....
15,308,519
9,276,918
116,298
(8,419,778)
845,626
\u2014
(52,949)
17,074,634
Total
..................
26,496,358
1,163,574
116,298
\u2014
1,546,706
\u2014
57,337
29,380,273
Derivatives
.....................
7,221
77,098
\u2014
\u2014
(5,202)
(141,475)
\u2014
(62,359)
Short-term and long-term debt is classified as financial liabilities measured at amortized cost.
F-47
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(2) Short-term debt
The breakdown of \u201cShort-term debt\u201d is as follows:
Yen in millions
March 31,
2022
2023
Short-term debt
(Principally from bank)
[Weighted average interest rate
2022
1.64%
2023
2.02%]
................................................
852,301
916,725
Commercial paper
[Weighted average interest rate
2022
0.38%
2023
3.81%]
................................................
3,252,556
3,673,447
4,104,858
4,590,173
(3) Long-term debt
The breakdown of \u201cLong-term debt\u201d is as follows:
Yen in millions
March 31,
2022
2023
Unsecured loans
(Principally from bank)
[2022
Weighted average interest 1.83%
Due 2022 to 2042
2023
Weighted average interest 3.18%
Due 2023 to 2042]
............................................
4,990,165
5,719,366
Secured loans
(Principally financial receivables securitization)
[2022
Weighted average interest 1.02%
Due 2022 to 2034
2023
Weighted average interest 3.82%
Due 2023 to 2034]
............................................
3,902,766
5,266,411
Medium-term notes of consolidated subsidiaries
[2022
Weighted average interest 1.45%
Due 2022 to 2048
F-48
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
March 31,
2022
2023
2023
Weighted average interest 2.72%
Due 2023 to 2048]
............................................
10,257,689
10,561,816
Unsecured bonds of the parent
[2022
Weighted average interest 1.32%
Due 2022 to 2037
2023
Weighted average interest 1.29%
Due 2023 to 2037]
............................................
1,123,145
1,127,650
Unsecured bonds of consolidated subsidiaries
[2022
Weighted average interest 1.99%
Due 2022 to 2028
2023
Weighted average interest 2.54%
Due 2023 to 2028]
............................................
1,664,634
1,621,444
Secured bonds of consolidated subsidiaries
[2022
Weighted average interest 5.81%
Due 2022 to 2024
2023
Weighted average interest 6.53%
Due 2023 to 2026]
............................................
32,174
37,294
21,970,573
24,333,981
Less - Current portion due within one year
.................................
(7,026,845)
(7,648,596)
14,943,727
16,685,384
As of March 31, 2022 and 2023, the currencies of long-term debt are 52% and 53% in US dollars, 11% and
11% in Japanese yen, 13% and 13% in Euros, 6% and 6% in Australian dollars, 4% and 3% in Canadian dollars,
14% and 14% in other currencies.
(4) Assets pledges as collateral
The breakdown of assets pledged as collateral mainly for loans of consolidated subsidiaries is as follows:
Yen in millions
March 31,
2022
2023
Property, plant and equipment
..........................................
1,474,647
1,498,448
Other assets
.........................................................
3,582,826
5,459,877
Total
..........................................................
5,057,473
6,958,325
Other assets principally consist of securitized finance receivables.
F-49
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Standard agreements with certain banks include provisions that collateral (including sums on deposit with
such banks) or guarantees will be furnished upon the banks\u2019 request and that any collateral furnished, pursuant to
such agreements or otherwise, will be applicable to all present or future indebtedness to such banks.
(5) Interest expenses
The interest expenses for the fiscal year ended March 31, 2022 and 2023 are \u00a5410,197 million and
\u00a5651,979 million, respectively. Interest expenses related to the financial business is included in \u201ccost of financial
services\u201d in the consolidated statement of income.
(6) Class shares
TMC issued First Series Model AA Class Shares (the \u201cModel AA Class Shares\u201d) 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\u2019s right
:
(1)
Shareholder\u2019s 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\u2019s 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\u2019s right
:
TMC may acquire, on or after April 2, 2021, all of the outstanding Model
AA Class Shares in exchange for cash. At the Directors\u2019 Meeting held on
December 14, 2020, TMC has resolved to exercise its cash call option to
acquire all outstanding Model AA Class Shares and, subject to such
acquisition, to cancel all Model AA Class Shares pursuant to Article 178
of the Companies Act of Japan. The acquisition took place on April 2,
2021, and the cancellation was completed on April 3, 2021.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17616": {
"value": "(2) Short-term debt
The breakdown of \u201cShort-term debt\u201d is as follows:
Yen in millions
March 31,
2022
2023
Short-term debt
(Principally from bank)
[Weighted average interest rate
2022
1.64%
2023
2.02%]
................................................
852,301
916,725
Commercial paper
[Weighted average interest rate
2022
0.38%
2023
3.81%]
................................................
3,252,556
3,673,447
4,104,858
4,590,173
(3) Long-term debt
The breakdown of \u201cLong-term debt\u201d is as follows:
Yen in millions
March 31,
2022
2023
Unsecured loans
(Principally from bank)
[2022
Weighted average interest 1.83%
Due 2022 to 2042
2023
Weighted average interest 3.18%
Due 2023 to 2042]
............................................
4,990,165
5,719,366
Secured loans
(Principally financial receivables securitization)
[2022
Weighted average interest 1.02%
Due 2022 to 2034
2023
Weighted average interest 3.82%
Due 2023 to 2034]
............................................
3,902,766
5,266,411
Medium-term notes of consolidated subsidiaries
[2022
Weighted average interest 1.45%
Due 2022 to 2048
F-48
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
March 31,
2022
2023
2023
Weighted average interest 2.72%
Due 2023 to 2048]
............................................
10,257,689
10,561,816
Unsecured bonds of the parent
[2022
Weighted average interest 1.32%
Due 2022 to 2037
2023
Weighted average interest 1.29%
Due 2023 to 2037]
............................................
1,123,145
1,127,650
Unsecured bonds of consolidated subsidiaries
[2022
Weighted average interest 1.99%
Due 2022 to 2028
2023
Weighted average interest 2.54%
Due 2023 to 2028]
............................................
1,664,634
1,621,444
Secured bonds of consolidated subsidiaries
[2022
Weighted average interest 5.81%
Due 2022 to 2024
2023
Weighted average interest 6.53%
Due 2023 to 2026]
............................................
32,174
37,294
21,970,573
24,333,981
Less - Current portion due within one year
.................................
(7,026,845)
(7,648,596)
14,943,727
16,685,384
As of March 31, 2022 and 2023, the currencies of long-term debt are 52% and 53% in US dollars, 11% and
11% in Japanese yen, 13% and 13% in Euros, 6% and 6% in Australian dollars, 4% and 3% in Canadian dollars,
14% and 14% in other currencies.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17742": {
"value": "(4) Assets pledges as collateral
The breakdown of assets pledged as collateral mainly for loans of consolidated subsidiaries is as follows:
Yen in millions
March 31,
2022
2023
Property, plant and equipment
..........................................
1,474,647
1,498,448
Other assets
.........................................................
3,582,826
5,459,877
Total
..........................................................
5,057,473
6,958,325
Other assets principally consist of securitized finance receivables.
F-49
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Standard agreements with certain banks include provisions that collateral (including sums on deposit with
such banks) or guarantees will be furnished upon the banks\u2019 request and that any collateral furnished, pursuant to
such agreements or otherwise, will be applicable to all present or future indebtedness to such banks.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17780": {
"value": "(5) Interest expenses
The interest expenses for the fiscal year ended March 31, 2022 and 2023 are \u00a5410,197 million and
\u00a5651,979 million, respectively. Interest expenses related to the financial business is included in \u201ccost of financial
services\u201d in the consolidated statement of income.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17855": {
"value": "18. Other financial liabilities
Other financial liabilities consist of the following:
Yen in millions
March 31,
2022
2023
Financial liabilities measured at amortized cost
Deposits received
....................................................
723,363
1,015,094
Other
..............................................................
287,072
454,756
Financial liabilities measured at fair value through profit or loss
Derivatives
.........................................................
497,198
456,257
Total
..........................................................
1,507,633
1,926,107
Current liabilities
.........................................................
1,046,050
1,392,397
Non-current liabilities
.....................................................
461,583
533,710
Total
..........................................................
1,507,633
1,926,107
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17894": {
"value": "19. Financial risks
(1) Financial risk management policy
Toyota is exposed to various risks such as credit risk, liquidity risk, market risk (foreign currency risk,
interest rate risk, commodity price fluctuation risk and stock price fluctuation risk). To hedge the market risk,
Toyota also uses derivative financial instruments such as forward exchange contracts, interest rate swaps,
commodity forwards transactions. With respect to the execution and management of derivative transactions, it
follows the company regulations that set out transaction authority, and it is a policy not to conduct speculative
transactions using derivative financial instruments.
In addition, Toyota procures necessary funds (mainly bank borrowings and issuing corporate bonds) based
on the capital expenditure plans, and temporary surplus funds are managed with highly safe financial assets and
short-term working capital is procured through bank borrowings and commercial paper. As for liquidity risk
concerning fund procurement, each company manages it by preparing a monthly cash flow plan, etc.
(2) Credit risk
Receivables related to financial services are exposed to the credit risk. The risk is arisen from the failure of
customers or dealers to meet the terms of their contracts with Toyota or otherwise fail to perform as agreed.
Toyota manages its credit risk by defining risk management methods and management systems for specific risks
in accordance with the regulations on risk management. Based on such regulations, Toyota mitigates the credit
risk through periodical monitoring of the customer\u2019s credit status and undertaking the maturity control and
account balance control, while detecting promptly any doubtful accounts caused by deterioration in the financial
conditions.
Please see Note 3 \u201cAllowance for credit losses on finance receivables\u201d about measuring method of the
expected credit losses on receivables related to financial services.
F-51
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The carrying amount after impairment of the financial assets presented in the consolidated financial
statements, as well as guarantee obligations and loan commitments that are set forth in the notes to the
consolidated financial statements, are the maximum exposure to the credit risk of Toyota\u2019s financial assets that
do not take into account the value of the acquired collateral. The allowance for credit exposures of loan
commitments and financial agreements is measured in the same way that the allowance for retail receivables is
measured.
Retail receivables and financial lease receivables are being secured by vehicles as collateral. Wholesale
receivables and other dealer loans are secured by placing appropriate property as collateral. Also, during the
reporting period, there is no change in the policy regarding collateral.
The net changes in the allowance for credit losses relating to the retail receivables are as follows:
Yen in millions
For the year ended March 31, 2022
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Allowance for credit loss at beginning of year
....
79,402
78,426
40,376
198,204
Provision for credit loss, net of reversal
.........
22,685
39,420
38,687
100,792
Charge-offs
................................
\u2014
\u2014
(41,331)
(41,331)
Other
.....................................
(13,961)
(18,381)
4,781
(27,561)
Allowance for credit loss at end of year
.........
88,125
99,465
42,514
230,104
Yen in millions
For the year ended March 31, 2023
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Allowance for credit loss at beginning of year
....
88,125
99,465
42,514
230,104
Provision for credit loss, net of reversal
.........
26,490
59,627
89,456
175,573
Charge-offs
................................
\u2014
\u2014
(91,215)
(91,215)
Other
.....................................
(18,895)
(34,225)
13,530
(39,591)
Allowance for credit loss at end of year
.........
95,720
124,867
54,284
274,871
\u201cOther\u201d primarily includes reversal of allowance for credit loss due to the collection of retail receivables.
F-52
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The table below shows the retail receivables segregated into aging categories based on the numbers of the
days outstanding:
Yen in millions
March 31, 2022
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Current
...................................
15,753,211
1,083,642
\u2014
16,836,854
Past due less than 90 days
....................
283,753
405,941
17,655
707,350
Past due 90 days or more
.....................
\u2014
779
102,457
103,236
Total
.................................
16,036,965
1,490,363
120,112
17,647,440
Yen in millions
March 31, 2023
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Current
...................................
17,905,331
1,275,170
\u2014
19,180,501
Past due less than 90 days
....................
331,040
542,999
21,469
895,509
Past due 90 days or more
.....................
\u2014
416
124,580
124,995
Total
.................................
18,236,371
1,818,584
146,049
20,201,004
The net changes in the allowance for credit losses relating to the finance lease receivables are as follows:
Yen in millions
For the years ended March 31,
2022
2023
Allowance for credit loss at beginning of year
..............................
33,455
36,985
Provision for credit loss, net of reversal
...................................
11,107
14,926
Charge-offs
.........................................................
(3,712)
(7,233)
Other
..............................................................
(3,865)
(7,757)
Allowance for credit loss at end of year
...................................
36,985
36,920
\u201cOther\u201d primarily includes reversal of allowance for credit loss due to the collection of finance lease
receivables.
F-53
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The table below shows the finance lease receivables segregated into aging categories based on the numbers
of the days outstanding:
Yen in millions
March 31,
2022
2023
Current
.............................................................
2,279,978
2,437,467
Past due less than 90 days
..............................................
47,034
46,296
Past due 90 days or more
...............................................
20,928
19,606
Total
..........................................................
2,347,941
2,503,369
The table below shows the net movement of the allowance for credit losses on wholesale receivables and
other dealer loans.
Yen in millions
For the year ended March 31, 2022
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Allowance for credit loss at beginning of year
....
17,467
7,241
4,935
29,642
Provision for credit loss, net of reversal
.........
5,198
1,566
1,177
7,941
Charge-offs
................................
\u2014
\u2014
(11)
(11)
Other
.....................................
(8,317)
(3,715)
(705)
(12,736)
Allowance for credit loss at end of year
.........
14,349
5,092
5,396
24,836
Yen in millions
For the year ended March 31, 2023
Expected credit
loss for
12 months
Expected credit loss for the entire
period
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Allowance for credit loss at beginning of year
....
14,349
5,092
5,396
24,836
Provision for credit loss, net of reversal
.........
3,517
1,780
551
5,847
Charge-offs
................................
\u2014
\u2014
\u2014
\u2014
Other
.....................................
(3,225)
(2,289)
(547)
(6,062)
Allowance for credit loss at end of year
.........
14,640
4,582
5,399
24,622
\u201cOther\u201d primarily includes reversal of allowance for credit loss due to the collection of wholesale
receivables and other dealer loans.
Toyota charges off the credit - impaired finance receivables when Toyota considers that all or part of it will
not be collected. The amount of receivables related to financial services which has been charged off but subject
to ongoing collection activity was not significant for the years ended March 31, 2022 and 2023.
F-54
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The balances of the wholesale receivables and other dealer loan receivables portfolios by credit status, as
well as loan commitments and financial guarantee contracts, as of March 31, 2022 and 2023 are as follows.
The
wholesale
and
other
dealer
loan
receivables
portfolio
segment
is
segregated
into
following
creditqualities below based on internal risk assessments by dealers.
Performing: Account not classified as either
Credit Watch, At Risk or DefaultCredit 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, 2022
Expected credit
loss for
12 months
Lifetime expected credit loss
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Total
Wholesale and other dealer loan
Performing
............................
2,730,860
\u2014
\u2014
2,730,860
Credit Watch
..........................
20,842
97,353
\u2014
118,196
At Risk
...............................
\u2014
32,299
699
32,998
Default
...............................
\u2014
\u2014
22,162
22,162
Loan commitments
..........................
10,050,817
69,393
90
10,120,300
Financial guarantee contracts
..................
3,574,257
39,205
\u2014
3,613,461
Total
.............................
16,376,776
238,251
22,952
16,637,978
Yen in millions
March 31, 2023
Expected credit
loss for
12 months
Lifetime expected credit loss
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Total
Wholesale and other dealer loan
Performing
............................
3,300,629
\u2014
\u2014
3,300,629
Credit Watch
..........................
47,184
69,086
\u2014
116,270
At Risk
...............................
\u2014
29,780
6,708
36,487
Default
...............................
\u2014
\u2014
8,034
8,034
Loan commitments
..........................
10,704,882
65,053
572
10,770,507
Financial guarantee contracts
..................
3,536,796
37,260
\u2014
3,574,056
Total
.............................
17,589,491
201,179
15,314
17,805,983
F-55
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
For the year ended March 31, 2022 and 2023, the amount of finance receivables the terms of which were
modified due to deterioration in credit conditions was not significant for any portfolio of finance receivables, and
the amount of payment defaults on finance receivables so modified were not significant for any portfolio of such
receivables.
(3) Liquidity risk
To secure cash on hand necessary for carrying out the operation, Toyota appropriately borrows from the
financial institutions and issues corporate bonds or commercial paper, and there is a risk of failing to execute the
payment on due date because of deterioration of fund procurement environment etc.,.
Toyota manages liquidity risk by monitoring the fund demand of each group company as appropriate,
preparing a monthly-based funding plan, and comparing it with the daily cash flow. In addition to holding
sufficient cash and cash equivalents in order to secure the liquidity and stability of funds, to prepare for
emergency situations such as the sudden fund demand and market liquidity deterioration, a commitment line has
been set up.
The amounts of non-derivative financial liabilities and derivative financial liabilities by a remaining contract
maturity period are as follows:
As of March 31, 2022
Yen in millions
Maturities
Book value
Contractual
cash flows
Within 1 year
Between 1 and
3 years
Between 3 and
5 years
Later than
5 years
Non-derivative financial liabilities
Short-term debt
................
852,301
(865,873)
(865,873)
\u2014
\u2014
\u2014
Commercial paper
..............
3,252,556
(3,260,578)
(3,260,578)
\u2014
\u2014
\u2014
Current portion of long-term debt . .
7,026,845
(7,238,356)
(7,238,356)
\u2014
\u2014
\u2014
Long-term debt
................
14,943,727
(15,458,478)
\u2014
(9,194,302)
(4,501,420)
(1,762,756)
Lease liabilities
................
420,928
(466,661)
(61,735)
(85,791)
(60,661)
(258,474)
Total
.................
26,496,358
(27,289,948) (11,426,543)
(9,280,094)
(4,562,081)
(2,021,230)
Derivative financial liabilities
Interest derivative
..............
325,912
(346,482)
(56,824)
(112,352)
(110,592)
(66,715)
Currency derivative
In
.......................
\u2014
958,208
358,275
83,552
379,916
136,465
Out
......................
171,286
(1,164,801)
(475,869)
(94,949)
(420,302)
(173,682)
Total
.................
497,198
(553,075)
(174,417)
(123,748)
(150,978)
(103,932)
Total
.............
26,993,557
(27,843,023) (11,600,961)
(9,403,841)
(4,713,059)
(2,125,162)
F-56
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
As of March 31, 2023
Yen in millions
Maturities
Book value
Contractual
cash flows
Within 1 year
Between 1 and
3 years
Between 3 and
5 years
Later than
5 years
Non-derivative financial liabilities
Short-term debt
................
916,725
(941,708)
(941,708)
\u2014
\u2014
\u2014
Commercial paper
..............
3,673,447
(3,765,973)
(3,765,973)
\u2014
\u2014
\u2014
Current portion of long-term debt . .
7,648,596
(8,067,346)
(8,067,346)
\u2014
\u2014
\u2014
Long-term debt
................
16,685,384
(17,762,084)
\u2014
(10,527,952)
(5,609,531)
(1,624,601)
Lease liabilities
................
456,120
(507,902)
(74,780)
(102,258)
(76,769)
(254,096)
Total
.................
29,380,273
(31,045,012) (12,849,807)
(10,630,210)
(5,686,300)
(1,878,696)
Derivative financial liabilities
Interest derivative
..............
296,438
(315,269)
(41,958)
(155,214)
(109,599)
(8,498)
Currency derivative
In
.......................
\u2014
835,459
58,806
187,514
589,139
\u2014
Out
......................
159,819
(1,017,589)
(90,525)
(220,701)
(706,363)
\u2014
Total
.................
456,257
(497,400)
(73,678)
(188,401)
(226,823)
(8,498)
Total
.............
29,836,530
(31,542,412) (12,923,485)
(10,818,611)
(5,913,123)
(1,887,194)
Toyota has unused short-term lines of credit amounting to \u00a52,534,291 million and \u00a52,715,437 million of
which \u00a51,056,931 million and \u00a51,153,342 million related to commercial paper programs as of March 31, 2022
and 2023, respectively. Under these programs, Toyota is authorized to obtain short-term financing at prevailing
interest rates for periods not in excess of 360 days.
As
of
March
31,
2022
and
2023,
Toyota
has
unused
long-term
lines
of
credit
amounting
to
\u00a59,030,322 million and \u00a59,461,614 million, respectively.
(4) Foreign exchange risk
Toyota is subject to the foreign currency exposure through transactions in foreign currencies related to
purchase, sale and finance associated with conducting business worldwide. Toyota is exposed to fluctuations
risks related to future profitability or assets and liabilities regarding operating cash flow denominated in foreign
currencies and various financial instruments. The most significant foreign currency exposure is primarily caused
by the U.S. dollar and the euro.
Toyota uses derivative financial instruments including foreign exchange forward contracts, foreign currency
options, interest rate currency swap agreements, and others, to manage the exposure to foreign currency
exchange rate fluctuations.
F-57
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Toyota uses Value-at-risk analysis measurement (\u201cVaR\u201d) to assess the risk of exchange rate fluctuation.
Potential impact of pre-tax cash flows on VaR-integrated foreign currency positions (including derivatives) for
the years ended March 31, 2022 and 2023 is as follows:
Yen in millions
VaR
Year-end
Average
Maximum
Minimum
For the year ended March 31, 2022
............................
257,600
241,825
263,600
214,800
For the year ended March 31, 2023
............................
381,600
393,175
418,900
369,800
The Monte Carlo simulation method is used for Toyota\u2019s VaR measurement, and measurement is based on a
95% confidence interval and a ten-day holding period.
(5) Interest rate risk
In preceding with business activities, Toyota is exposed to interest rate risk due to fluctuation in market
interest rates as it procures and invests funds necessary for working capital and capital investment. To maintain a
desirable level of exposure related to interest rate fluctuation risk and minimize interest expense, Toyota
conducts various financial instruments transactions.
Sensitivity analysis of Toyota\u2019s interest rate risk associated with holding financial instruments if the interest
rate increases by 1% is as follows. In this analysis, all other variables are assumed to be constant.
Yen in millions
For the years ended March 31,
2022
2023
Impact on income before income taxes
....................................
(64,533)
(42,476)
Impact on other comprehensive income, before tax effect
.....................
(243,630)
(238,820)
(6) Market price fluctuation risk
Toyota is exposed to risks arising from increased costs due to commodity price fluctuations, such as iron
and steel, precious metals and non-ferrous alloys used in the manufacture of automobiles. Toyota controls the
price risk associated with the purchase of those commodities by maintaining inventory at the minimum level.
Toyota is exposed to stock price fluctuation risk because it owns shares of companies that have business
relationships mainly for promoting smooth business activities. Toyota periodically reviews the fair values and
financial situations of the business partner companies and, taking into consideration the relationship with them,
continually reviews the holding status. The impact on other comprehensive income, before tax effect when the
declared price of equity financial assets (shares) in active markets changes by 10% for the year ended March 31,
2022, and 2023 is \u00a5316,281 million and \u00a5321,472 million, respectively.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17908": {
"value": "(2) Credit risk
Receivables related to financial services are exposed to the credit risk. The risk is arisen from the failure of
customers or dealers to meet the terms of their contracts with Toyota or otherwise fail to perform as agreed.
Toyota manages its credit risk by defining risk management methods and management systems for specific risks
in accordance with the regulations on risk management. Based on such regulations, Toyota mitigates the credit
risk through periodical monitoring of the customer\u2019s credit status and undertaking the maturity control and
account balance control, while detecting promptly any doubtful accounts caused by deterioration in the financial
conditions.
Please see Note 3 \u201cAllowance for credit losses on finance receivables\u201d about measuring method of the
expected credit losses on receivables related to financial services.
F-51
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The carrying amount after impairment of the financial assets presented in the consolidated financial
statements, as well as guarantee obligations and loan commitments that are set forth in the notes to the
consolidated financial statements, are the maximum exposure to the credit risk of Toyota\u2019s financial assets that
do not take into account the value of the acquired collateral. The allowance for credit exposures of loan
commitments and financial agreements is measured in the same way that the allowance for retail receivables is
measured.
Retail receivables and financial lease receivables are being secured by vehicles as collateral. Wholesale
receivables and other dealer loans are secured by placing appropriate property as collateral. Also, during the
reporting period, there is no change in the policy regarding collateral.
The net changes in the allowance for credit losses relating to the retail receivables are as follows:
Yen in millions
For the year ended March 31, 2022
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Allowance for credit loss at beginning of year
....
79,402
78,426
40,376
198,204
Provision for credit loss, net of reversal
.........
22,685
39,420
38,687
100,792
Charge-offs
................................
\u2014
\u2014
(41,331)
(41,331)
Other
.....................................
(13,961)
(18,381)
4,781
(27,561)
Allowance for credit loss at end of year
.........
88,125
99,465
42,514
230,104
Yen in millions
For the year ended March 31, 2023
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Allowance for credit loss at beginning of year
....
88,125
99,465
42,514
230,104
Provision for credit loss, net of reversal
.........
26,490
59,627
89,456
175,573
Charge-offs
................................
\u2014
\u2014
(91,215)
(91,215)
Other
.....................................
(18,895)
(34,225)
13,530
(39,591)
Allowance for credit loss at end of year
.........
95,720
124,867
54,284
274,871
\u201cOther\u201d primarily includes reversal of allowance for credit loss due to the collection of retail receivables.
F-52
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The table below shows the retail receivables segregated into aging categories based on the numbers of the
days outstanding:
Yen in millions
March 31, 2022
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Current
...................................
15,753,211
1,083,642
\u2014
16,836,854
Past due less than 90 days
....................
283,753
405,941
17,655
707,350
Past due 90 days or more
.....................
\u2014
779
102,457
103,236
Total
.................................
16,036,965
1,490,363
120,112
17,647,440
Yen in millions
March 31, 2023
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Current
...................................
17,905,331
1,275,170
\u2014
19,180,501
Past due less than 90 days
....................
331,040
542,999
21,469
895,509
Past due 90 days or more
.....................
\u2014
416
124,580
124,995
Total
.................................
18,236,371
1,818,584
146,049
20,201,004
The net changes in the allowance for credit losses relating to the finance lease receivables are as follows:
Yen in millions
For the years ended March 31,
2022
2023
Allowance for credit loss at beginning of year
..............................
33,455
36,985
Provision for credit loss, net of reversal
...................................
11,107
14,926
Charge-offs
.........................................................
(3,712)
(7,233)
Other
..............................................................
(3,865)
(7,757)
Allowance for credit loss at end of year
...................................
36,985
36,920
\u201cOther\u201d primarily includes reversal of allowance for credit loss due to the collection of finance lease
receivables.
F-53
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The table below shows the finance lease receivables segregated into aging categories based on the numbers
of the days outstanding:
Yen in millions
March 31,
2022
2023
Current
.............................................................
2,279,978
2,437,467
Past due less than 90 days
..............................................
47,034
46,296
Past due 90 days or more
...............................................
20,928
19,606
Total
..........................................................
2,347,941
2,503,369
The table below shows the net movement of the allowance for credit losses on wholesale receivables and
other dealer loans.
Yen in millions
For the year ended March 31, 2022
Expected credit
loss for
12 months
Lifetime expected credit loss
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Allowance for credit loss at beginning of year
....
17,467
7,241
4,935
29,642
Provision for credit loss, net of reversal
.........
5,198
1,566
1,177
7,941
Charge-offs
................................
\u2014
\u2014
(11)
(11)
Other
.....................................
(8,317)
(3,715)
(705)
(12,736)
Allowance for credit loss at end of year
.........
14,349
5,092
5,396
24,836
Yen in millions
For the year ended March 31, 2023
Expected credit
loss for
12 months
Expected credit loss for the entire
period
Total
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Allowance for credit loss at beginning of year
....
14,349
5,092
5,396
24,836
Provision for credit loss, net of reversal
.........
3,517
1,780
551
5,847
Charge-offs
................................
\u2014
\u2014
\u2014
\u2014
Other
.....................................
(3,225)
(2,289)
(547)
(6,062)
Allowance for credit loss at end of year
.........
14,640
4,582
5,399
24,622
\u201cOther\u201d primarily includes reversal of allowance for credit loss due to the collection of wholesale
receivables and other dealer loans.
Toyota charges off the credit - impaired finance receivables when Toyota considers that all or part of it will
not be collected. The amount of receivables related to financial services which has been charged off but subject
to ongoing collection activity was not significant for the years ended March 31, 2022 and 2023.
F-54
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The balances of the wholesale receivables and other dealer loan receivables portfolios by credit status, as
well as loan commitments and financial guarantee contracts, as of March 31, 2022 and 2023 are as follows.
The
wholesale
and
other
dealer
loan
receivables
portfolio
segment
is
segregated
into
following
creditqualities below based on internal risk assessments by dealers.
Performing: Account not classified as either
Credit Watch, At Risk or DefaultCredit 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, 2022
Expected credit
loss for
12 months
Lifetime expected credit loss
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Total
Wholesale and other dealer loan
Performing
............................
2,730,860
\u2014
\u2014
2,730,860
Credit Watch
..........................
20,842
97,353
\u2014
118,196
At Risk
...............................
\u2014
32,299
699
32,998
Default
...............................
\u2014
\u2014
22,162
22,162
Loan commitments
..........................
10,050,817
69,393
90
10,120,300
Financial guarantee contracts
..................
3,574,257
39,205
\u2014
3,613,461
Total
.............................
16,376,776
238,251
22,952
16,637,978
Yen in millions
March 31, 2023
Expected credit
loss for
12 months
Lifetime expected credit loss
Financial
receivable not
credit-impaired
Credit-impaired
financial
receivable
Total
Wholesale and other dealer loan
Performing
............................
3,300,629
\u2014
\u2014
3,300,629
Credit Watch
..........................
47,184
69,086
\u2014
116,270
At Risk
...............................
\u2014
29,780
6,708
36,487
Default
...............................
\u2014
\u2014
8,034
8,034
Loan commitments
..........................
10,704,882
65,053
572
10,770,507
Financial guarantee contracts
..................
3,536,796
37,260
\u2014
3,574,056
Total
.............................
17,589,491
201,179
15,314
17,805,983
F-55
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
For the year ended March 31, 2022 and 2023, the amount of finance receivables the terms of which were
modified due to deterioration in credit conditions was not significant for any portfolio of finance receivables, and
the amount of payment defaults on finance receivables so modified were not significant for any portfolio of such
receivables.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18440": {
"value": "(3) Liquidity risk
To secure cash on hand necessary for carrying out the operation, Toyota appropriately borrows from the
financial institutions and issues corporate bonds or commercial paper, and there is a risk of failing to execute the
payment on due date because of deterioration of fund procurement environment etc.,.
Toyota manages liquidity risk by monitoring the fund demand of each group company as appropriate,
preparing a monthly-based funding plan, and comparing it with the daily cash flow. In addition to holding
sufficient cash and cash equivalents in order to secure the liquidity and stability of funds, to prepare for
emergency situations such as the sudden fund demand and market liquidity deterioration, a commitment line has
been set up.
The amounts of non-derivative financial liabilities and derivative financial liabilities by a remaining contract
maturity period are as follows:
As of March 31, 2022
Yen in millions
Maturities
Book value
Contractual
cash flows
Within 1 year
Between 1 and
3 years
Between 3 and
5 years
Later than
5 years
Non-derivative financial liabilities
Short-term debt
................
852,301
(865,873)
(865,873)
\u2014
\u2014
\u2014
Commercial paper
..............
3,252,556
(3,260,578)
(3,260,578)
\u2014
\u2014
\u2014
Current portion of long-term debt . .
7,026,845
(7,238,356)
(7,238,356)
\u2014
\u2014
\u2014
Long-term debt
................
14,943,727
(15,458,478)
\u2014
(9,194,302)
(4,501,420)
(1,762,756)
Lease liabilities
................
420,928
(466,661)
(61,735)
(85,791)
(60,661)
(258,474)
Total
.................
26,496,358
(27,289,948) (11,426,543)
(9,280,094)
(4,562,081)
(2,021,230)
Derivative financial liabilities
Interest derivative
..............
325,912
(346,482)
(56,824)
(112,352)
(110,592)
(66,715)
Currency derivative
In
.......................
\u2014
958,208
358,275
83,552
379,916
136,465
Out
......................
171,286
(1,164,801)
(475,869)
(94,949)
(420,302)
(173,682)
Total
.................
497,198
(553,075)
(174,417)
(123,748)
(150,978)
(103,932)
Total
.............
26,993,557
(27,843,023) (11,600,961)
(9,403,841)
(4,713,059)
(2,125,162)
F-56
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
As of March 31, 2023
Yen in millions
Maturities
Book value
Contractual
cash flows
Within 1 year
Between 1 and
3 years
Between 3 and
5 years
Later than
5 years
Non-derivative financial liabilities
Short-term debt
................
916,725
(941,708)
(941,708)
\u2014
\u2014
\u2014
Commercial paper
..............
3,673,447
(3,765,973)
(3,765,973)
\u2014
\u2014
\u2014
Current portion of long-term debt . .
7,648,596
(8,067,346)
(8,067,346)
\u2014
\u2014
\u2014
Long-term debt
................
16,685,384
(17,762,084)
\u2014
(10,527,952)
(5,609,531)
(1,624,601)
Lease liabilities
................
456,120
(507,902)
(74,780)
(102,258)
(76,769)
(254,096)
Total
.................
29,380,273
(31,045,012) (12,849,807)
(10,630,210)
(5,686,300)
(1,878,696)
Derivative financial liabilities
Interest derivative
..............
296,438
(315,269)
(41,958)
(155,214)
(109,599)
(8,498)
Currency derivative
In
.......................
\u2014
835,459
58,806
187,514
589,139
\u2014
Out
......................
159,819
(1,017,589)
(90,525)
(220,701)
(706,363)
\u2014
Total
.................
456,257
(497,400)
(73,678)
(188,401)
(226,823)
(8,498)
Total
.............
29,836,530
(31,542,412) (12,923,485)
(10,818,611)
(5,913,123)
(1,887,194)
Toyota has unused short-term lines of credit amounting to \u00a52,534,291 million and \u00a52,715,437 million of
which \u00a51,056,931 million and \u00a51,153,342 million related to commercial paper programs as of March 31, 2022
and 2023, respectively. Under these programs, Toyota is authorized to obtain short-term financing at prevailing
interest rates for periods not in excess of 360 days.
As
of
March
31,
2022
and
2023,
Toyota
has
unused
long-term
lines
of
credit
amounting
to
\u00a59,030,322 million and \u00a59,461,614 million, respectively.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18690": {
"value": "(4) Foreign exchange risk
Toyota is subject to the foreign currency exposure through transactions in foreign currencies related to
purchase, sale and finance associated with conducting business worldwide. Toyota is exposed to fluctuations
risks related to future profitability or assets and liabilities regarding operating cash flow denominated in foreign
currencies and various financial instruments. The most significant foreign currency exposure is primarily caused
by the U.S. dollar and the euro.
Toyota uses derivative financial instruments including foreign exchange forward contracts, foreign currency
options, interest rate currency swap agreements, and others, to manage the exposure to foreign currency
exchange rate fluctuations.
F-57
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Toyota uses Value-at-risk analysis measurement (\u201cVaR\u201d) to assess the risk of exchange rate fluctuation.
Potential impact of pre-tax cash flows on VaR-integrated foreign currency positions (including derivatives) for
the years ended March 31, 2022 and 2023 is as follows:
Yen in millions
VaR
Year-end
Average
Maximum
Minimum
For the year ended March 31, 2022
............................
257,600
241,825
263,600
214,800
For the year ended March 31, 2023
............................
381,600
393,175
418,900
369,800
The Monte Carlo simulation method is used for Toyota\u2019s VaR measurement, and measurement is based on a
95% confidence interval and a ten-day holding period.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18757": {
"value": "(6) Market price fluctuation risk
Toyota is exposed to risks arising from increased costs due to commodity price fluctuations, such as iron
and steel, precious metals and non-ferrous alloys used in the manufacture of automobiles. Toyota controls the
price risk associated with the purchase of those commodities by maintaining inventory at the minimum level.
Toyota is exposed to stock price fluctuation risk because it owns shares of companies that have business
relationships mainly for promoting smooth business activities. Toyota periodically reviews the fair values and
financial situations of the business partner companies and, taking into consideration the relationship with them,
continually reviews the holding status. The impact on other comprehensive income, before tax effect when the
declared price of equity financial assets (shares) in active markets changes by 10% for the year ended March 31,
2022, and 2023 is \u00a5316,281 million and \u00a5321,472 million, respectively.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18771": {
"value": "20. Derivative financial instruments
(1) 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 Toyota is unable to or has elected
not to apply hedge accounting. Toyota does not use derivatives for speculation or trading.
F-58
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(2) Fair value and gain and losses of derivatives
The fair values of the derivatives as of March 31, 2022 and 2023 are as follows:
Yen in millions
March 31,
2022
2023
Derivative assets
Derivative financial instruments not designated as hedging instruments:
Interest rate and currency swap
Current assets
- Other financial assets
..................................
69,625
163,777
Non-current assets
- Other financial assets
..................................
333,683
404,593
Total
............................................
403,309
568,371
Foreign exchange forward and option contracts
Current assets
- Other financial assets
..................................
15,865
41,969
Non-current assets
- Other financial assets
..................................
\u2014
\u2014
Total
............................................
15,865
41,969
Total derivative assets
..................................................
419,173
610,340
Yen in millions
March 31,
2022
2023
Derivative financial liabilities
Derivative financial instruments not designated as hedging instruments:
Interest rate and currency swap
Current liabilities
- Other financial liabilities
...............................
(87,926)
(47,044)
Non-current liabilities
- Other financial liabilities
...............................
(326,177)
(383,184)
Total
............................................
(414,102)
(430,228)
Foreign exchange forward and option contracts
Current liabilities
- Other financial liabilities
...............................
(83,096)
(26,029)
Non-current liabilities
- Other financial liabilities
...............................
\u2014
\u2014
Total
............................................
(83,096)
(26,029)
Total derivative liabilities
...............................................
(497,198)
(456,257)
F-59
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The amount of underlying notional of derivatives as of March 31, 2022 and 2023 are as follows:
Yen in millions
March 31,
2022
2023
Derivative financial instruments not designated as hedging instruments:
Interest rate and currency swap
........................................
21,510,803
25,999,796
Foreign exchange forward and option contracts
...........................
2,976,488
3,176,566
Total
........................................................
24,487,291
29,176,362
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.
The gain (loss) on derivative transactions as of March 31, 2021, 2022 and 2023 were \u00a5588 million,
\u00a5773 million and \u00a5(129,782) million, respectively. The amounts are included in cost of financial services and
foreign exchange gain (loss), net.
Cash flows from transactions of derivative financial instruments are included in cash flows from operating
activities in the consolidated statement of cash flows.
(3) 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, 2022
and 2023 is \u00a536,190 million and \u00a512,623 million, respectively. The aggregate fair value amount of assets that are
already posted as cash collateral as of March 31, 2022 and 2023 is \u00a599,718 million and \u00a5111,249 million,
respectively. 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 \u00a512,623 million as of March 31, 2023. See
Note 22 for details.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18923": {
"value": "21. Fair value measurement
s
(1) Definition of fair value hierarchy
In accordance with IFRS, Toyota classifies fair value measurement into the following three levels based on
the observability and significance of the inputs used.
Level 1:
Quoted prices in active markets for identical assets or liabilities
Level 2:
Fair value measurement based on inputs other than quoted prices included within Level 1 that
are observable for the assets or liabilities, either directly or indirectly
Level 3:
Fair value measurement based on models using unobservable inputs for the assets or liabilities
F-60
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(2) Method of fair value measurement
The fair value of assets and liabilities is determined using relevant market information and appropriate
valuation methods.
The methods and assumptions for measuring the fair value of assets and liabilities are as follows:
(i) Cash and cash equivalents -
Cash equivalents include money market funds and other investments with original maturities of three
months or less. 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 their short duration.
(ii) Trade accounts and other receivables and Trade accounts and other payables -
These receivables and payables are carried at amounts which approximate fair value due to their short
duration.
(iii) Receivables related to financial services -
The fair value of receivables related to financial services is estimated by discounting expected cash flows to
present value using internal assumptions, including prepayment speeds, expected credit losses and collateral
value.
As unobservable inputs are utilized, the fair value of receivables related to financial services is classified as
Level 3.
(iv) Other financial assets -
(Public and corporate bonds)
Public and corporate bonds include government bonds. Japanese bonds and foreign bonds, including U.S.,
European and other bonds, represent 26% and 74% (as of March 31, 2022) and 30% and 70% (as of March 31,
2023) of public and corporate bonds, respectively. Toyota primarily uses quoted market prices for identical assets
to measure the fair value of these securities.
(Stocks)
Listed stocks on the Japanese stock markets represent 85% (as of March 31, 2022) and 86% (as of
March 31, 2023) of stocks that Toyota holds. Toyota primarily uses quoted market prices for identical assets to
measure fair value of these securities. Therefore, stocks with an active market are classified as Level 1.
Fair value of stocks with no active market is measured by using the market approach or other appropriate
methods. Therefore, stocks with no active market are thus classified as Level 3.
Price book-value ratios (\u201cPBR\u201d) of comparable companies, discount ratios of discounted cash flow
valuation method and others are the significant unobservable inputs relating to the fair value measurement of
stocks classified as Level 3. The fair value increases (decreases) as PBR of a comparable company rises
(declines) or the discount rate declines (rises). The estimated increase or decrease in fair value of stocks if the
unobservable inputs were to be replaced by other reasonable alternative assumptions are not significant.
F-61
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
These estimates are based on valuation methods that are considered appropriate in each case. The significant
assumptions involved in the estimations include the financial condition and future prospects and trends of the
investees and the outcome of the referenced transactions. Due to the uncertain nature of these assumptions or by
using different assumptions and estimates, the fair value may be impacted materially.
The shares classified as Level 3 are measured by the responsible department using quarterly available
information in accordance with Toyota\u2019s consolidated financial accounting policies and reported to the
supervisors along with the basis of the change in fair value.
(v) 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 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 as
Level 2. In other certain cases when market data are 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 as Level 3. Toyota\u2019s
derivative fair value measurements consider assumptions about counterparty and Toyota\u2019s own non-performance
risk, using such as credit default probabilities.
(vi) Short-term and long-term debt -
The fair values of short-term and long-term debt including the current portion, except for secured loans
provided by securitization transactions using special-purpose entities (\u201cLoans Based on Securitization\u201d), are
estimated based on the discounted amounts of future cash flows using Toyota\u2019s current borrowing rates for
similar liabilities. As these inputs are observable, the fair value of these debts is classified as Level 2.
The fair values of the Loans Based on Securitization are primarily 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. In cases where these valuations utilize unobservable inputs, the fair value of the Loans Based on
Securitization is classified as Level 3.
F-62
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(3) Financial instrument 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. Transfers between levels of the fair value are recognized at the date of the event or change in
circumstances that caused the transfer:
Yen in millions
March 31, 2022
Level 1
Level 2
Level 3
Total
Other financial assets:
Financial assets measured at fair value through profit or loss
Public and corporate bonds
................................
61,376
96,136
1,674
159,186
Stocks
................................................
\u2014
\u2014
149,890
149,890
Derivative financial instruments
............................
\u2014
419,173
\u2014
419,173
Other
.................................................
307,446
158,355
\u2014
465,801
Total
.............................................
368,822
673,665
151,563
1,194,051
Financial assets measured at fair value through other comprehensive
income
Public and corporate bonds
................................
3,542,949
2,739,591
20,178
6,302,719
Stocks
................................................
3,162,805
\u2014
169,404
3,332,209
Other
.................................................
9,505
139
\u2014
9,644
Total
.............................................
6,715,259
2,739,730
189,583
9,644,571
Other financial liabilities:
Financial liabilities measured at fair value through profit or loss
Derivative financial instruments
............................
\u2014
(497,198)
\u2014
(497,198)
Total
.............................................
\u2014
(497,198)
\u2014
(497,198)
Yen in millions
March 31, 2023
Level 1
Level 2
Level 3
Total
Other financial assets:
Financial assets measured at fair value through profit or loss
Public and corporate bonds
................................
98,458
88,989
6,369
193,816
Stocks
................................................
\u2014
\u2014
168,214
168,214
Derivative financial instruments
............................
\u2014
610,340
\u2014
610,340
Other
.................................................
334,071
161,981
\u2014
496,052
Total
.............................................
432,529
861,310
174,583
1,468,422
Financial assets measured at fair value through other comprehensive
income
Public and corporate bonds
................................
3,976,333
2,405,823
26,963
6,409,119
Stocks
................................................
3,214,720
\u2014
199,060
3,413,780
Other
.................................................
7,838
\u2014
\u2014
7,838
Total
.............................................
7,198,891
2,405,823
226,023
9,830,736
Other financial liabilities:
Financial liabilities measured at fair value through profit or loss
Derivative financial instruments
............................
\u2014
(456,257)
\u2014
(456,257)
Total
.............................................
\u2014
(456,257)
\u2014
(456,257)
F-63
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(4) Changes in financial instruments classified as Level 3 and 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 years ended March 31, 2022 and 2023:
Yen in millions
For the year ended March 31, 2022
Public and corporate
bonds
Stocks
Derivative financial
instruments
Total
Balance at beginning of year
..................
27,623
638,917
\u2014
666,540
Total gains (losses)
Net income (loss)
......................
(44)
113,053
\u2014
113,009
Other comprehensive income (loss)
........
\u2014
9,219
\u2014
9,219
Purchases and issuances
.....................
968
2,362
\u2014
3,330
Sales and settlements
.......................
(4,020)
(18,208)
\u2014
(22,228)
Transfer to (from) Level 3
...................
(7,067)
(512,465)
\u2014
(519,532)
Others
...................................
4,392
86,415
\u2014
90,807
Balance at end of year
.......................
21,852
319,294
\u2014
341,146
Unrealized gains or losses included in profit or
loss on assets held at March 31
..............
(250)
113,053
\u2014
112,803
Total
............................
(250)
113,053
\u2014
112,803
Yen in millions
For the year ended March 31, 2023
Public and corporate
bonds
Stocks
Derivative financial
instruments
Total
Balance at beginning of year
..................
21,852
319,294
\u2014
341,146
Total gains (losses)
Net income (loss)
......................
(71)
9,551
\u2014
9,481
Other comprehensive income (loss)
........
\u2014
(10,881)
\u2014
(10,881)
Purchases and issuances
.....................
\u2014
15,999
\u2014
15,999
Sales and settlements
.......................
(3,716)
(14,055)
\u2014
(17,771)
Transfer to (from) Level 3
...................
5,471
(1,639)
\u2014
3,832
Others
...................................
9,795
49,004
\u2014
58,800
Balance at end of year
.......................
33,332
367,274
\u2014
400,606
Unrealized gains or losses included in profit or
loss on assets held at March 31
..............
(63)
9,551
\u2014
9,489
Total
............................
(63)
9,551
\u2014
9,489
Net income (loss) in public and corporate bonds, stocks and derivative financial instruments, other than
transactions related to financial services, are each included in \u201cOther finance income\u201d and \u201cOther finance costs\u201d
in the accompanying consolidated statement of income. Transactions related to financial services are included in
each of \u201cSales revenues\u2014Financial services\u201d and \u201cCost of financial services\u201d in the consolidated statement of
income.
In the reconciliation table above, derivative financial instruments are presented as net of assets and
liabilities.
F-64
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
\u201cOthers\u201d includes foreign currency translation adjustments for the year ended March 31, 2022 and 2023.
Transfer to (from) Level 3 of stocks recognized in the year ended March 31, 2022 is due to the listing of
investees.
(5) Financial assets and liabilities measured at amortized cost
The following table summarizes the carrying amount and the fair value of financial assets and liabilities
measured on an amortized cost basis:
Yen in millions
March 31, 2022
Fair value
Carrying amount
Level 1
Level 2
Level 3
Total
Receivables related to financial services
.....
21,764,457
\u2014
\u2014
22,074,593
22,074,593
Interest-bearing liabilities
Long-term debt (Including current
portion)
........................
21,970,573
\u2014
17,899,087
3,824,531
21,723,618
Yen in millions
March 31, 2023
Fair value
Carrying amount
Level 1
Level 2
Level 3
Total
Receivables related to financial services
.....
24,770,851
\u2014
\u2014
24,741,916
24,741,916
Interest-bearing liabilities
Long-term debt (Including current
portion)
........................
24,333,981
\u2014
18,598,205
5,149,410
23,747,616
Of financial assets and liabilities that are measured on an amortized cost basis, those with carrying values
that approximate fair value are excluded from the table above.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19036": {
"value": "(3) Financial instrument 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. Transfers between levels of the fair value are recognized at the date of the event or change in
circumstances that caused the transfer:
Yen in millions
March 31, 2022
Level 1
Level 2
Level 3
Total
Other financial assets:
Financial assets measured at fair value through profit or loss
Public and corporate bonds
................................
61,376
96,136
1,674
159,186
Stocks
................................................
\u2014
\u2014
149,890
149,890
Derivative financial instruments
............................
\u2014
419,173
\u2014
419,173
Other
.................................................
307,446
158,355
\u2014
465,801
Total
.............................................
368,822
673,665
151,563
1,194,051
Financial assets measured at fair value through other comprehensive
income
Public and corporate bonds
................................
3,542,949
2,739,591
20,178
6,302,719
Stocks
................................................
3,162,805
\u2014
169,404
3,332,209
Other
.................................................
9,505
139
\u2014
9,644
Total
.............................................
6,715,259
2,739,730
189,583
9,644,571
Other financial liabilities:
Financial liabilities measured at fair value through profit or loss
Derivative financial instruments
............................
\u2014
(497,198)
\u2014
(497,198)
Total
.............................................
\u2014
(497,198)
\u2014
(497,198)
Yen in millions
March 31, 2023
Level 1
Level 2
Level 3
Total
Other financial assets:
Financial assets measured at fair value through profit or loss
Public and corporate bonds
................................
98,458
88,989
6,369
193,816
Stocks
................................................
\u2014
\u2014
168,214
168,214
Derivative financial instruments
............................
\u2014
610,340
\u2014
610,340
Other
.................................................
334,071
161,981
\u2014
496,052
Total
.............................................
432,529
861,310
174,583
1,468,422
Financial assets measured at fair value through other comprehensive
income
Public and corporate bonds
................................
3,976,333
2,405,823
26,963
6,409,119
Stocks
................................................
3,214,720
\u2014
199,060
3,413,780
Other
.................................................
7,838
\u2014
\u2014
7,838
Total
.............................................
7,198,891
2,405,823
226,023
9,830,736
Other financial liabilities:
Financial liabilities measured at fair value through profit or loss
Derivative financial instruments
............................
\u2014
(456,257)
\u2014
(456,257)
Total
.............................................
\u2014
(456,257)
\u2014
(456,257)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19430": {
"value": "22. Offsetting Financial Assets and Liabilities
The following table summarizes the amounts of financial assets and financial liabilities that are subject to an
enforceable master netting agreement or similar agreement but not set off because they do not meet some or all
of the offsetting criteria for financial assets and financial liabilities. With respect to financial instruments that
may be offset in the future based on set-off rights associated with master netting agreements or similar
agreements, as well as the associated collateral, the set-off will be enforceable only when certain circumstances,
such as when the counterparty cannot perform on its obligations due to bankruptcy or other reasons, arise.
Yen in millions
March 31, 2022
Gross amounts of
recognized
financial assets
and financial
liabilities
Amounts not offset
Net amount
Financial
instruments
Collateral of
financial
instruments
Other financial assets Derivatives
...................
419,173
(182,288)
(105,201)
131,685
Other financial liabilities Derivatives
................
497,198
(182,288)
(111,283)
203,627
F-65
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
March 31, 2023
Gross amounts of
recognized
financial assets
and financial
liabilities
Amounts not offset
Net amount
Financial
instruments
Collateral of
financial
instruments
Other financial assets Derivatives
...................
610,340
(196,423)
(206,087)
207,830
Other financial liabilities Derivatives
................
456,257
(196,423)
(97,794)
162,040
The amounts offset, as presented in the consolidated statement of financial position, in accordance with the
criteria for offsetting financial assets and financial liabilities were immaterial.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19506": {
"value": "23. Employee benefits
(1) Overview of post-employment benefit Plans
Upon terminations of employment, employees of TMC 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 \u201cpoints\u201d 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, TMC amended its retirement plan to introduce a \u201cpoint\u201d based retirement benefit
plan. Under the new plan, employees are entitled to lump-sum or pension payments determined based on
accumulated \u201cpoints\u201d vested in each year of service.
There are three types of \u201cpoints\u201d that vest in each year of service consisting of \u201cservice period points\u201d which
are attributed to the length of service, \u201cjob title points\u201d which are attributed to the job title of each employee, and
\u201cperformance points\u201d 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, TMC 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.
TMC 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.
These post-employment benefit plans are exposed to general investment risk, interest rate risk and inflation
risk.
F-66
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Pension costs and defined benefit obligations are dependent on assumptions used in calculating such
amounts. These assumptions include discount rates, retirement rate, salary increase rate, mortality rates and other
factors. While management believes that the assumptions used are appropriate, differences in actual experience
or changes in assumptions may affect Toyota\u2019s pension costs and obligations.
The most critical assumption impacting the calculation of pension costs and defined benefit obligations is
the discount rates. Toyota determines the discount rates mainly based on the rates of high quality fixed income
bonds currently available and expected to be available during the period to maturity of the defined benefit
pension plans.
Toyota uses a March 31 measurement date for its post-employment benefit plans.
(2) Defined benefit obligations and plan assets
The changes in present value of defined benefit obligations and fair value of plan assets are as follows:
Yen in millions
For the years ended March 31,
2022
2023
Japanese plans
Foreign plans
Japanese plans
Foreign plans
Present value of defined benefit obligations:
Benefit obligations at beginning of year
........
2,089,263
1,419,910
2,077,151
1,487,644
Current service cost
.......................
89,128
52,826
87,452
55,000
Interest cost
..............................
12,487
52,062
14,816
57,079
Remeasurements:
Changes in demographic assumptions
.....
6,440
379
2,707
30,743
Changes in financial assumptions
.........
(46,113)
(126,125)
(120,279)
(258,990)
Other
...............................
4,162
904
(9,673)
18,248
Past service cost
..........................
761
274
(1,419)
3,405
Plan participants\u2019 contributions
..............
1,392
3,063
1,523
3,575
Benefits paid
.............................
(80,368)
(42,615)
(87,624)
(60,614)
Acquisition and other
......................
\u2014
126,966
\u2014
87,173
Benefit obligations at end of year
.............
2,077,151
1,487,644
1,964,655
1,423,263
Fair value of plan assets:
Plan assets at beginning of year
..............
1,806,265
1,079,543
1,844,819
1,224,656
Interest income
...........................
11,261
51,614
13,576
48,386
Remeasurement
Actual return on plan assets, excluding
interest income
.....................
34,543
(6,657)
(8,619)
(216,474)
Employer contributions
....................
33,163
24,912
32,682
16,421
Plan participants\u2019 contributions
..............
1,392
3,063
1,523
3,575
Benefits paid
.............................
(41,804)
(31,823)
(43,397)
(34,017)
Acquisition and other
......................
\u2014
104,004
\u2014
66,849
Plan assets at end of year
...................
1,844,819
1,224,656
1,840,586
1,109,394
Effect of the asset ceiling
.......................
\u2014
\u2014
\u2014
\u2014
Net defined benefit liability (asset)
...............
232,332
262,988
124,069
313,869
F-67
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The funded defined benefit obligations and the unfunded defined benefit obligations are as follows:
Yen in millions
March 31,
2022
2023
Japanese plans
Foreign plans
Japanese plans
Foreign plans
Funded defined benefit obligations
...............
1,559,686
1,187,595
1,466,825
1,076,433
Plan assets
...................................
(1,844,819)
(1,224,656)
(1,840,586)
(1,109,394)
Subtotal
.....................................
(285,133)
(37,061)
(373,761)
(32,961)
Unfunded defined benefit obligations
.............
517,465
300,049
497,830
346,830
Total
...................................
232,332
262,988
124,069
313,869
The net defined benefit liability (asset) recognized in the consolidated statement of financial position are
comprised of the following:
Yen in millions
March 31,
2022
2023
Japanese plans
Foreign plans
Japanese plans
Foreign plans
Retirement benefit liabilities
....................
674,425
348,323
642,774
422,734
Other non-current assets (Retirement benefit
assets)
....................................
(442,094)
(85,335)
(518,705)
(108,865)
Net amount recognized
.....................
232,332
262,988
124,069
313,869
(3) The major items of actuarial assumption
The weighted-average discount rates used to determine the present value of defined benefit obligations are
as follows:
March 31,
2022
2023
Japanese plans
Foreign plans
Japanese plans
Foreign plans
Discount rate
.................................
0.7%
3.5%
1.1%
5.0%
(4) Fair value of plan assets
Toyota\u2019s 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. 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.
F-68
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The following table summarizes the fair value of classes of plan assets.
Yen in millions
March 31, 2022
Japanese plans
Foreign plans
Quoted prices in active
markets
Total
Quoted prices in active
markets
Total
Available
Not available
Available
Not available
Stocks
..........................
549,385
\u2014
549,385
195,067
\u2014
195,067
Government bonds
................
112,568
\u2014
112,568
132,172
\u2014
132,172
Bonds (other)
.....................
\u2014
77,048
77,048
\u2014
218,433
218,433
Commingled funds
................
\u2014
489,471
489,471
\u2014
423,525
423,525
Insurance contracts
................
\u2014
220,027
220,027
\u2014
\u2014
\u2014
Other
...........................
225,980
170,340
396,320
30,442
225,016
255,459
Total
.......................
887,933
956,886
1,844,819
357,681
866,975
1,224,656
Yen in millions
March 31, 2023
Japanese plans
Foreign plans
Quoted prices in active
markets
Total
Quoted prices in active
markets
Total
Available
Not available
Available
Not available
Stocks
..........................
440,946
\u2014
440,946
177,564
\u2014
177,564
Government bonds
................
108,570
15
108,585
121,568
\u2014
121,568
Bonds (other)
.....................
\u2014
84,234
84,234
\u2014
185,395
185,395
Commingled funds
................
\u2014
492,915
492,915
\u2014
394,228
394,228
Insurance contracts
................
\u2014
209,261
209,261
\u2014
\u2014
\u2014
Other
...........................
295,452
209,193
504,645
14,520
216,118
230,638
Total
.......................
844,968
995,618
1,840,586
313,652
795,742
1,109,394
\u201cOther\u201d consists of cash equivalents, other private placement investment funds and other assets.
(5) The sensitivity analysis
The following table illustrates the effects on defined benefit obligations of the change in weighted-average
discount rates, assuming all other assumptions are consistent.
Yen in millions
March 31,
2022
2023
Japanese
plans
Foreign
plans
Japanese
plans
Foreign
plans
0.5% decrease
.......................................
172,402
127,889
153,466
237,478
0.5% increase
.......................................
(150,226)
(118,899)
(131,275)
(234,242)
(6) Impact on future cash flow
Contributions to plan assets by TMC and some of its consolidated subsidiaries are determined by various
factors such as employee salary levels and years of service, funded status of plan assets, and actuarial
F-69
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
calculations. In addition, according to the rules of the defined benefit corporate pension law, the corporate
pension fund system recalculates the amount of the balance every five years with the end date of the reporting
period as the base date so that financial balance can be maintained in the future. TMC and some of its
consolidated subsidiaries may make a necessary contribution if the reserve amount is below the minimum reserve
amount.
In the following year (the year ending March 31, 2024), Toyota expects to contribute \u00a538,309 million for
Japanese plans and \u00a516,423 million for Foreign plans to the post-employment 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
2024
...............................................................
86,575
64,890
2025
...............................................................
83,631
67,621
2026
...............................................................
85,148
72,178
2027
...............................................................
88,761
77,576
2028
...............................................................
93,340
83,990
From 2029 to 2033
....................................................
441,966
479,631
Total
...........................................................
879,421
845,886
(7) Benefit obligations for non-retirement pension for retirees and benefit obligations for absentee
Toyota\u2019s 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\u2019s obligation under these arrangements are not material.
(8) Payroll expenses
Payroll expenses included in \u201cCost of products sold\u201d and \u201cSelling, general and administrative\u201d in the
consolidated statement of income (including expenses for post-employment benefit plans) for the years ended
March 31, 2021, 2022 and 2023 are \u00a53,281,292 million, \u00a53,550,882 million and \u00a53,985,518 million, respectively.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20054": {
"value": "24. Liabilities for quality assurance
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 based on the amount estimated from historical experience.
F-70
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Liabilities for product warranties and liabilities for recalls and other safety measures have been combined
into \u201cLiabilities for quality assurance\u201d in the consolidated statement of financial position 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.
The net change in liabilities for quality assurance above for the years ended March 31, 2021, 2022 and 2023
consist of the following:
Yen in millions
For the years ended March 31,
2021
2022
2023
Liabilities for quality assurance at beginning of year
..............
1,552,970
1,482,872
1,555,711
Additional provisions
......................................
345,563
362,180
400,419
Utilization
...............................................
(347,806)
(278,094)
(229,623)
Reversals
................................................
(77,479)
(32,124)
(59,758)
Other
...................................................
9,624
20,877
19,608
Liabilities for quality assurance at end of year
...................
1,482,872
1,555,711
1,686,357
\u201cOther\u201d 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 assurance above for the years ended March 31, 2021, 2022 and 2023.
Yen in millions
For the years ended March 31,
2021
2022
2023
Liabilities for recalls and other safety measures at beginning of
year
..................................................
1,104,711
1,093,689
1,171,213
Additional provisions
......................................
229,763
245,542
231,874
Utilization
...............................................
(228,044)
(165,482)
(178,124)
Reversals
................................................
(16,199)
(9,389)
(35,643)
Other
...................................................
3,458
6,853
4,836
Liabilities for recalls and other safety measures at end of year
......
1,093,689
1,171,213
1,194,156
",
"dimensions": {
"concept": "tm:DisclosureOfLiabilitiesForQualityAssurancesTextBlock",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20157": {
"value": "25. Equity and other equity items
(1) Equity management
Toyota will efficiently invest in maintenance and replacement of conventional manufacturing facilities and
the introduction of new products, and will focus on capital investment and research and development in areas
contributing to strengthening competitiveness and future growth. Through these activities, Toyota aims to
improve corporate value and keep sustainable growth for realization of a new mobility society. Generally, Toyota
Motor Corporation shareholder\u2019s equity cover such activities, with additional short-term and long-term debt, if
necessary.
F-71
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The amount of Toyota Motor Corporation shareholder\u2019s equity and short-term and long-term debt are as
follows:
Yen in millions
March 31,
2022
2023
Toyota Motor Corporation Shareholders\u2019 equity
..............................
26,245,969
28,338,706
Short-term and long-term debt
............................................
26,496,358
29,380,273
(2) Number of shares
The total number of authorized shares of TMC\u2019s common stock was 10,000,000,000, 50,000,000,000 and
50,000,000,000 as of March 31, 2021, 2022 and 2023, respectively.
The changes in the shares of common stock issued are as follows:
For the years ended March 31,
2021
2022
2023
Common stock issued:
Balance at beginning of year
.....................
3,262,997,492
3,262,997,492
16,314,987,460
Changes during the year
.........................
\u2014
13,051,989,968
\u2014
Balance at end of year
..........................
3,262,997,492
16,314,987,460
16,314,987,460
The common stock issued by TMC is a no-parity stock without any limitations on the content of the rights,
and the issued stock is fully paid.
On October 1, 2021, TMC effected a five-for-one stock split of its common stock to shareholders. The total
number
of
authorized
shares
of
TMC\u2019s
common
stock
and
common
stock
issued
was
increased
by
40,000,000,000 and 13,051,989,968, respectively.
The total number of treasury stock was 467,048,832, 2,536,685,916 and 2,749,807,731 as of March 31,
2021, 2022 and 2023, respectively.
(3) Capital surplus and retained earnings
Capital surplus consists of capital reserves and other capital surplus. Retained earnings consist of retained
earnings reserve and other retained earnings. The Companies Act of Japan provides that an amount equal to 10%
of distributions from surplus paid by TMC 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 Companies Act provides that the retained
earnings reserve of TMC 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 TMC available for dividend payments to shareholders were
\u00a511,656,187 million and \u00a513,434,394 million as of March 31, 2022 and 2023, 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\u2019 approval has been
obtained.
F-72
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Retained earnings at March 31, 2023 include \u00a53,506,777 million relating to equity in undistributed earnings
of associates and joint ventures.
(4) Treasury stock
The reissuance and repurchase of treasury stock are as follows:
For the year ended March 31, 2021
Reissuance of treasury stock
Reason for reissuing treasury stock -
At its Directors\u2019 Meeting held on March 24, 2020, TMC resolved to purchase shares issued by NIPPON
TELEGRAPH AND TELEPHONE CORPORATION (\u201cNTT\u201d) and conduct a reissuance of treasury stock
through third-party allotment with NTT as the allottee to form a business and capital alliance with NTT. The
parties entered into a memorandum of understanding concerning the business and capital alliance on the same
day. Based on the agreement, TMC has completed the purchase of NTT shares and reissuance of treasury stock
with NTT as the allottee on April 9, 2020.
Details of matters relating to reissuance -
Number of common shares reissued
............................
29,730,900 shares
Amount of reissuance
........................................
\u00a5199,999 million
For the year ended March 31, 2022
Repurchase of treasury stock
1) Repurchasing of treasury stock resolved at the Board of Directors meeting held on May 12, 2021 and
November 4, 2021
Reason for repurchasing treasury stock -
The repurchase was made to promote capital efficiency by repurchasing flexibly its common stock while
comprehensively considering factors such as its investment in growth, level of its dividends, its cash reserves and
the price level of its common stock.
Details of matters relating to repurchase -
Number of common shares repurchased
.........................
96,196,900 shares
Total purchase price for repurchase of shares
.....................
\u00a5400,000 million
2) Repurchasing of treasury stock resolved at the Board of Directors meeting held on March 23, 2022
Reason for repurchasing treasury stock -
The repurchase was made to promote capital efficiency by repurchasing flexibly its common stock than
before while comprehensively considering factors such as the price level of its common stock.
F-73
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Details of matters relating to repurchase -
Number of common shares repurchased
.........................
2,111,000 shares
Total purchase price for repurchase of shares
.....................
\u00a54,607 million
For the year ended March 31, 2023
Repurchase of treasury stock
1) Repurchasing of treasury stock resolved at the Board of Directors meeting held on March 23, 2022
Reason for repurchasing treasury stock -
The repurchase was made to promote capital efficiency by repurchasing flexibly its common stock than
before while comprehensively considering factors such as the price level of its common stock.
Details of matters relating to repurchase -
Number of common shares repurchased
.........................
44,114,900 shares
Total purchase price for repurchase of shares
.....................
\u00a595,392 million
2) Repurchasing of treasury stock resolved at the Board of Directors meeting held on May 11, 2022 and
November 1, 2022
Reason for repurchasing treasury stock -
The repurchase was made to promote capital efficiency by repurchasing flexibly its common stock than
before while comprehensively considering factors such as the price level of its common stock.
Details of matters relating to repurchase -
Number of common shares repurchased
.......................
169,429,000 shares
Total purchase price for repurchase of shares
...................
\u00a5335,685 million
F-74
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(5) Other components of equity
Other components of equity are as follows:
Yen in millions
Net changes in
revaluation of
financial assets
measured at fair
value through other
comprehensive
income
Remeasurements of
defined benefit
plans
Exchange
differences on
translating foreign
operations
Total
Balance at April 01, 2020
................
954,070
\u2014
(368,520)
585,549
Other comprehensive income, net of
tax
............................
380,814
221,409
410,253
1,012,476
Reclassification to retained earnings
...
(31,321)
(219,047)
\u2014
(250,369)
Other comprehensive income for the
period attributable to non-controlling
interests
........................
(8,211)
(2,362)
(29,357)
(39,930)
Balance at March 31, 2021
...............
1,295,351
\u2014
12,375
1,307,726
Other comprehensive income, net of
tax
............................
(103,131)
151,243
1,095,017
1,143,129
Reclassification to retained earnings
...
(59,110)
(149,602)
\u2014
(208,712)
Other comprehensive income for the
period attributable to non-controlling
interests
........................
1,561
(1,640)
(38,810)
(38,889)
Balance at March 31, 2022
...............
1,134,671
\u2014
1,068,583
2,203,254
Other comprehensive income, net of
tax
............................
(105,435)
82,020
851,129
827,713
Reclassification to retained earnings
...
(94,233)
(72,598)
\u2014
(166,831)
Other comprehensive income for the
period attributable to non-controlling
interests
........................
(1,300)
(9,422)
(17,219)
(27,941)
Balance at March 31, 2023
...............
933,702
\u2014
1,902,493
2,836,195
F-75
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(6) Other comprehensive income
The
breakdown
of
other
comprehensive
income
and
the
corresponding
tax
benefits
(including
non-controlling interests) are as follows:
Yen in millions
For the year ended
March 31, 2021
Before
tax
Tax
effect
After
tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value
through other comprehensive income
Amount incurred during the year
............................
560,225
(172,798)
387,427
Net changes
.............................................
560,225
(172,798)
387,427
Remeasurements of defined benefit plans
Amount incurred during the year
............................
311,360
(95,087)
216,272
Net changes
.............................................
311,360
(95,087)
216,272
Shares of other comprehensive income of equity method investees
Amount incurred during the year
............................
80,472
\u2014
80,472
Net changes
.............................................
80,472
\u2014
80,472
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations
Amount incurred during the year
............................
403,636
\u2014
403,636
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
403,636
\u2014
403,636
Net changes in revaluation of financial assets measured at fair value
through other comprehensive income
Amount incurred during the year
............................
(119,441)
35,938
(83,503)
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
(119,441)
35,938
(83,503)
Shares of other comprehensive income of equity method investees
Amount incurred during the year
............................
8,172
\u2014
8,172
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
8,172
\u2014
8,172
Total other comprehensive income
...................................
1,244,424
(231,947) 1,012,476
F-76
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
For the year ended
March 31, 2022
Before
tax
Tax
effect
After
tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value
through other comprehensive income
Amount incurred during the year
............................
(71,641)
22,399
(49,242)
Net changes
.............................................
(71,641)
22,399
(49,242)
Remeasurements of defined benefit plans
Amount incurred during the year
............................
188,239
(51,989)
136,250
Net changes
.............................................
188,239
(51,989)
136,250
Shares of other comprehensive income of equity method investees
Amount incurred during the year
............................
113,641
\u2014
113,641
Net changes
.............................................
113,641
\u2014
113,641
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations
Amount incurred during the year
............................
902,844
\u2014
902,844
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
902,844
\u2014
902,844
Net changes in revaluation of financial assets measured at fair value
through other comprehensive income
Amount incurred during the year
............................
(220,711)
66,536
(154,175)
Reclassification to profit (loss)
..............................
1
(0)
1
Net changes
.............................................
(220,710)
66,536
(154,174)
Shares of other comprehensive income of equity method investees
Amount incurred during the year
............................
193,811
\u2014
193,811
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
193,811
\u2014
193,811
Total other comprehensive income
...................................
1,106,184
36,945
1,143,129
F-77
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Yen in millions
For the year ended
March 31, 2023
Before
tax
Tax
effect
After
tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value
through other comprehensive income
Amount incurred during the year
............................
144,160
(44,936)
99,223
Net changes
.............................................
144,160
(44,936)
99,223
Remeasurements of defined benefit plans
Amount incurred during the year
............................
112,151
(46,998)
65,153
Net changes
.............................................
112,151
(46,998)
65,153
Shares of other comprehensive income of equity method investees
Amount incurred during the year
............................
(77,148)
\u2014
(77,148)
Net changes
.............................................
(77,148)
\u2014
(77,148)
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations
Amount incurred during the year
............................
676,042
\u2014
676,042
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
676,042
\u2014
676,042
Net changes in revaluation of financial assets measured at fair value
through other comprehensive income
Amount incurred during the year
............................
(165,477)
49,738
(115,738)
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
(165,477)
49,738
(115,738)
Shares of other comprehensive income of equity method investees
Amount incurred during the year
............................
180,181
\u2014
180,181
Reclassification to profit (loss)
..............................
\u2014
\u2014
\u2014
Net changes
.............................................
180,181
\u2014
180,181
Total other comprehensive income
...................................
869,909
(42,196)
827,713
F-78
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
(7) Dividends
The paid dividend amounts are as follows:
For the year ended March 31, 2021
Resolution
Type of shares
Total amount
of dividends
(yen in millions)
Dividend per share
(yen)
Record date
Effective date
The Board of
Directors Meeting
on May 12,
2020
..........
Common shares
331,938
120.00
March 31, 2020
May 28, 2020
The Board of
Directors Meeting
on November 6,
2020
..........
Common shares
293,576
105.00
September 30, 2020 November 27, 2020
For the year ended March 31, 2022
Resolution
Type of shares
Total amount
of dividends
(yen in millions)
Dividend per share
(yen)
Record date
Effective date
The Board of
Directors Meeting
on May 12,
2021
..........
Common shares
377,453
135.00
March 31, 2021
May 28, 2021
The Board of
Directors Meeting
on November 4,
2021
..........
Common shares
332,419
120.00
September 30, 2021 November 25, 2021
On October 1, 2021, TMC effected a five-for-one stock split of its common stock to shareholders.
\u201cDividend per share\u201d presents the amount prior to the stock split.
For the year ended March 31, 2023
Resolution
Type of shares
Total amount
of dividends
(yen in millions)
Dividend per share
(yen)
Record date
Effective date
The Board of
Directors Meeting
on May 11,
2022
..........
Common shares
385,792
28.00
March 31, 2022
May 27, 2022
The Board of
Directors Meeting
on November 1,
2022
..........
Common shares
342,187
25.00
September 30, 2022 November 22, 2022
F-79
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Dividends of which record date falls within the year ended March 31, and effective date is after the year
ended March 31 are as follows:
For the year ended March 31, 2023
Resolution
Type of shares
Total amount
of dividends
(yen in millions)
Dividend per share
(yen)
Record date
Effective date
The Board of
Directors Meeting
on May 10,
2023
..........
Common shares
474,781
35.00
March 31, 2023
May 26, 2023
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20265": {
"value": "(4) Treasury stock
The reissuance and repurchase of treasury stock are as follows:
For the year ended March 31, 2021
Reissuance of treasury stock
Reason for reissuing treasury stock -
At its Directors\u2019 Meeting held on March 24, 2020, TMC resolved to purchase shares issued by NIPPON
TELEGRAPH AND TELEPHONE CORPORATION (\u201cNTT\u201d) and conduct a reissuance of treasury stock
through third-party allotment with NTT as the allottee to form a business and capital alliance with NTT. The
parties entered into a memorandum of understanding concerning the business and capital alliance on the same
day. Based on the agreement, TMC has completed the purchase of NTT shares and reissuance of treasury stock
with NTT as the allottee on April 9, 2020.
Details of matters relating to reissuance -
Number of common shares reissued
............................
29,730,900 shares
Amount of reissuance
........................................
\u00a5199,999 million
For the year ended March 31, 2022
Repurchase of treasury stock
1) Repurchasing of treasury stock resolved at the Board of Directors meeting held on May 12, 2021 and
November 4, 2021
Reason for repurchasing treasury stock -
The repurchase was made to promote capital efficiency by repurchasing flexibly its common stock while
comprehensively considering factors such as its investment in growth, level of its dividends, its cash reserves and
the price level of its common stock.
Details of matters relating to repurchase -
Number of common shares repurchased
.........................
96,196,900 shares
Total purchase price for repurchase of shares
.....................
\u00a5400,000 million
2) Repurchasing of treasury stock resolved at the Board of Directors meeting held on March 23, 2022
Reason for repurchasing treasury stock -
The repurchase was made to promote capital efficiency by repurchasing flexibly its common stock than
before while comprehensively considering factors such as the price level of its common stock.
F-73
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Details of matters relating to repurchase -
Number of common shares repurchased
.........................
2,111,000 shares
Total purchase price for repurchase of shares
.....................
\u00a54,607 million
For the year ended March 31, 2023
Repurchase of treasury stock
1) Repurchasing of treasury stock resolved at the Board of Directors meeting held on March 23, 2022
Reason for repurchasing treasury stock -
The repurchase was made to promote capital efficiency by repurchasing flexibly its common stock than
before while comprehensively considering factors such as the price level of its common stock.
Details of matters relating to repurchase -
Number of common shares repurchased
.........................
44,114,900 shares
Total purchase price for repurchase of shares
.....................
\u00a595,392 million
2) Repurchasing of treasury stock resolved at the Board of Directors meeting held on May 11, 2022 and
November 1, 2022
Reason for repurchasing treasury stock -
The repurchase was made to promote capital efficiency by repurchasing flexibly its common stock than
before while comprehensively considering factors such as the price level of its common stock.
Details of matters relating to repurchase -
Number of common shares repurchased
.......................
169,429,000 shares
Total purchase price for repurchase of shares
...................
\u00a5335,685 million
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20825": {
"value": "(7) Dividends
The paid dividend amounts are as follows:
For the year ended March 31, 2021
Resolution
Type of shares
Total amount
of dividends
(yen in millions)
Dividend per share
(yen)
Record date
Effective date
The Board of
Directors Meeting
on May 12,
2020
..........
Common shares
331,938
120.00
March 31, 2020
May 28, 2020
The Board of
Directors Meeting
on November 6,
2020
..........
Common shares
293,576
105.00
September 30, 2020 November 27, 2020
For the year ended March 31, 2022
Resolution
Type of shares
Total amount
of dividends
(yen in millions)
Dividend per share
(yen)
Record date
Effective date
The Board of
Directors Meeting
on May 12,
2021
..........
Common shares
377,453
135.00
March 31, 2021
May 28, 2021
The Board of
Directors Meeting
on November 4,
2021
..........
Common shares
332,419
120.00
September 30, 2021 November 25, 2021
On October 1, 2021, TMC effected a five-for-one stock split of its common stock to shareholders.
\u201cDividend per share\u201d presents the amount prior to the stock split.
For the year ended March 31, 2023
Resolution
Type of shares
Total amount
of dividends
(yen in millions)
Dividend per share
(yen)
Record date
Effective date
The Board of
Directors Meeting
on May 11,
2022
..........
Common shares
385,792
28.00
March 31, 2022
May 27, 2022
The Board of
Directors Meeting
on November 1,
2022
..........
Common shares
342,187
25.00
September 30, 2022 November 22, 2022
F-79
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Dividends of which record date falls within the year ended March 31, and effective date is after the year
ended March 31 are as follows:
For the year ended March 31, 2023
Resolution
Type of shares
Total amount
of dividends
(yen in millions)
Dividend per share
(yen)
Record date
Effective date
The Board of
Directors Meeting
on May 10,
2023
..........
Common shares
474,781
35.00
March 31, 2023
May 26, 2023
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20955": {
"value": "26. Sales revenues
(1) Summary by business segments and products
The table below shows Toyota\u2019s sales revenues from external customers by business and by product
category.
Yen in millions
For the years ended March 31
2021
2022
2023
Sales of products
Automotive
Vehicles
........................................
20,509,606
23,739,442
28,394,256
Parts and components for production
.................
1,287,053
1,504,215
1,710,422
Parts and components for after service
................
2,049,187
2,407,143
2,866,196
Other
..........................................
752,000
881,193
805,995
Total automotive
.............................
24,597,846
28,531,993
33,776,870
All other
............................................
479,553
541,436
590,749
Total sales of products
.........................
25,077,398
29,073,428
34,367,619
Financial services
........................................
2,137,195
2,306,079
2,786,679
Total sales revenues
......................
27,214,594
31,379,507
37,154,298
The majority of sales of products are revenues recognized from contracts with customers under IFRS 15
\u201cRevenue from Contracts with Customers\u201d (\u201cIFRS 15\u201d), and receivables related to such revenues are recognized
as \u201cTrade accounts and other receivables\u201d.
The breakdown of income from leases included in financial service revenues is as follows:
Yen in millions
For the years ended March 31,
2021
2022
2023
Finance leases
Financial income related to net lease investment
............
106,724
134,512
164,820
Operating leases
.........................................
1,017,707
1,093,545
1,169,018
Total
..........................................
1,124,431
1,228,057
1,333,838
F-80
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Financial service revenues other than income from leases mainly consist of interest income using
the effective interest method. The amount of interest income using the effective interest method is not significant.
For
the
years
ended
March
31,
2021,
2022
and
2023
\u00a5125,748
million,
\u00a5138,718
million
and
\u00a5166,220 million of financial service revenues were accounted for under IFRS 15.
(2) Contract liabilities
Contract liabilities consist of the following:
Yen in millions
April 1, 2021
March 31,
2022
2023
Contract liabilities
........................................
854,679
989,959
1,068,212
Contract liabilities are primarily related to advances received from customers. Contract liabilities are
included in \u201cOther current liabilities\u201d and \u201cOther non-current liabilities\u201d in the consolidated statement of
financial position. For the year ended March 31, 2022 and 2023, the amounts transferred from contract liabilities
at the beginning of the fiscal year to sales revenue were \u00a5444,781 million and \u00a5529,016 million, respectively.
(3) Performance obligations
The aggregate amounts of transaction prices allocated to unsatisfied performance obligations related to
contracts that have original expected durations in excess of one year were \u00a5796,769 million and \u00a5834,624 million
as of March 31, 2022 and 2023, respectively. The main contents of unsatisfied performance obligations are
insurance revenues and maintenance revenues.
For insurance revenues, Toyota receives payment agreed upon in the contract at the inception of the
contract, and revenue is recognized over the term of the contract, which ranges from three to 120 months. As of
March 31, 2022, the unsatisfied performance obligations related to insurance revenues were \u00a5295,648 million,
and Toyota expected to recognize as revenue \u00a582,215 million in fiscal 2023, and \u00a5213,432 million thereafter. As
of March 31, 2023, the unsatisfied performance obligations related to insurance revenues were \u00a5352,239 million,
and Toyota expects to recognize as revenue \u00a5101,392 million in fiscal 2024, and \u00a5250,847 million thereafter.
For maintenance revenues, Toyota receives payments agreed upon in the contract at the inception of the
contract, and revenue is recognized over the term of the contract, which ranges from 18 to 84 months.
Unsatisfied performance obligations for sales of products related to contracts that have an original expected
duration of one year or less have been excluded from this disclosure.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21111": {
"value": "27. Research and development cost
Research and development costs consist of the following:
Yen in millions
For the years ended March 31,
2021
2022
2023
Research and development expenditures incurred during the year
.........
1,090,424
1,124,262
1,241,686
Amount capitalized
.............................................
(158,246)
(200,512)
(181,634)
Amortization of capitalized development costs
.......................
152,542
167,926
164,512
Total
....................................................
1,084,721
1,091,675
1,224,564
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21141": {
"value": "28. Other finance income and costs
Other finance income and costs consist of the following:
Yen in millions
For the years ended March 31,
2021
2022
2023
Other finance income
Interest income
Financial assets measured at amortized cost
..................
17,526
16,920
101,737
Financial assets measured at fair value through other
comprehensive income
................................
88,074
84,592
132,365
Dividend income
Financial assets measured at fair value through other
comprehensive income
................................
88,837
94,833
109,308
Other
....................................................
240,791
138,416
35,939
Total
............................................
435,229
334,760
379,350
Other finance costs
Interest expense
Financial liabilities measured at amortized cost
...............
(42,421)
(32,458)
(47,356)
Other
....................................................
(5,116)
(11,539)
(77,757)
Total
............................................
(47,537)
(43,997)
(125,113)
The decrease in \u201cOther finance income\u2014Other\u201d was due mainly to a decrease during fiscal 2023 in profit
on securities revaluation.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21211": {
"value": "29. Earnings per share
Reconciliation of the difference between basic and diluted earnings per share attributable to Toyota Motor
Corporation are as follows:
Yen in millions
Thousands
of shares
Yen
Net income
attributable to Toyota
Motor Corporation
Weighted-average
common shares
Earnings per share
attributable to Toyota
Motor Corporation
For the year ended March 31, 2021
Net income attributable to Toyota Motor
Corporation
.............................
2,245,261
Basic earnings per share attributable to Toyota
Motor Corporation
....................
2,245,261
13,976,442
160.65
Effect of dilutive securities
Model AA Class Shares
..................
12,569
229,694
Diluted earnings per share attributable to Toyota
Motor Corporation
........................
2,257,830
14,206,137
158.93
For the year ended March 31, 2022
Net income attributable to Toyota Motor
Corporation
.............................
2,850,110
Basic earnings per share attributable to Toyota
Motor Corporation
....................
2,850,110
13,887,348
205.23
Effect of dilutive securities
Model AA Class Shares
..................
23
311
Diluted earnings per share attributable to Toyota
Motor Corporation
........................
2,850,132
13,887,659
205.23
For the year ended March 31, 2023
Net income attributable to Toyota Motor
Corporation
.............................
2,451,318
Basic earnings per share attributable to Toyota
Motor Corporation
....................
2,451,318
13,658,382
179.47
Effect of dilutive securities
Model AA Class Shares
..................
\u2014
\u2014
Diluted earnings per share attributable to Toyota
Motor Corporation
........................
2,451,318
13,658,382
179.47
In addition to the disclosure requirements under IFRS, Toyota discloses the information below in order to
provide financial statements users with valuable information.
F-83
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
The following table shows Toyota Motor Corporation shareholders\u2019 equity per share. Toyota Motor
Corporation shareholders\u2019 equity per share amounts are calculated by dividing Toyota Motor Corporation
shareholders\u2019 equity in the consolidated statement of financial position by common shares issued and outstanding
at the end of the year (excluding treasury stock).
Yen in millions
Thousands
of shares
Yen
Toyota Motor
Corporation
shareholders\u2019 equity
Common shares issued
and outstanding at the
end of the year
(excluding treasury
stock)
Toyota Motor
Corporation
shareholders\u2019 equity
per share
As of March 31, 2022
.......................
26,245,969
13,778,302
1,904.88
As of March 31, 2023
.......................
28,338,706
13,565,180
2,089.08
On October 1, 2021, TMC effected a five-for-one stock split of its common stock to shareholders. \u201cBasic
earnings per share attributable to Toyota Motor Corporation\u201d, \u201cDiluted earnings per share attributable to Toyota
Motor Corporation\u201d and \u201cToyota Motor Corporation shareholders\u2019 equity per share\u201d are calculated based on the
assumption that the stock split was implemented at the beginning of the earliest period presented in this note.
\u201cDiluted earnings per share attributable to Toyota Motor Corporation\u201d equals \u201cBasic earnings per share
attributable to Toyota Motor Corporation\u201d for the year ended March 31, 2023, because there were no potential
dilutive shares during that period as the acquisition of all outstanding First Series Model AA Class Shares took
place on April 2, 2021, and the cancellation of all First Series Model AA Class Shares was completed on April 3,
2021
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21348": {
"value": "30. Contractual commitments and contingent liabilities
(1) Contractual commitments
Contractual commitments relating to purchase of property, plant and equipment, other assets, and services
are \u00a5349,143 million, \u00a5522,336 million as of March 31, 2022 and 2023.
(2) Guarantees
Toyota enters into contracts with Toyota dealers to guarantee customers\u2019 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, 2023,
range from 1 month to 8 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 payment.
The maximum potential amount of future payments are \u00a53,641,978 million and \u00a53,600,631 million as of
March 31, 2022 and 2023. Liabilities for guarantees totaling \u00a521,869 million, and \u00a516,759 million have been
provided as of March 31, 2022 and 2023. Under these guarantee contracts, Toyota is entitled to recover any
amount paid by Toyota from the customers whose original obligations Toyota has guaranteed.
(3) Market treatment such as recalls, damages and lawsuits
Toyota and other automakers have been named in certain class actions filed in Mexico, Australia, Israel and
Brazil relating to Takata airbag issues. The actions in Israel and Brazil are being litigated. The actions in Mexico
and Australia have been resolved.
F-84
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Toyota is named as a defendant in an economic loss class action lawsuit in Australia in which damages are
claimed on the basis that diesel particulate filters in certain vehicle models are defective. Toyota received an
unfavourable judgment both in the primary court on April 7, 2022 and in the appeal court on March 27, 2023.
The judgments included a finding that there was a perceived reduction in vehicle value of certain vehicle models.
Toyota disagrees with the judgments and has filed an application for a further appeal. Other claims of economic
loss in this class action lawsuit continue to be litigated at the court of first instance. In estimating the provision
we should record in the consolidated financial statements as a result of the aforementioned judgments, Toyota
has considered various factors including the legal and factual circumstances of the case, the contents of the
judgements, and the views of legal counsel. The currently estimated probable economic outflow related to the
class action is immaterial to Toyota\u2019s consolidated financial position, results of operations and cash flows. At this
stage, however, the final outcome and therefore ultimate financial liability for Toyota on account of this matter
cannot be predicted with certainty.
In April 2020, Toyota reported possible anti-bribery violations related to a Thai subsidiary to the SEC and
the Department of Justice (\u201cDOJ\u201d), and is cooperating with their investigations. Investigations by governmental
authorities related to these matters could result in the imposition of civil or criminal penalties, fines or other
sanctions, or litigation. Toyota cannot predict the scope, duration or outcome of these matters at this time.
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, as well as intellectual property litigation, 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. Therefore,
for all of the aforementioned matters, which Toyota is in discussions to resolve, any losses that are beyond the
amounts accrued could have an adverse effect on Toyota\u2019s financial position, results of operations or cash flows.
TMC 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, 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21349": {
"value": "30. Contractual commitments and contingent liabilities
(1) Contractual commitments
Contractual commitments relating to purchase of property, plant and equipment, other assets, and services
are \u00a5349,143 million, \u00a5522,336 million as of March 31, 2022 and 2023.
(2) Guarantees
Toyota enters into contracts with Toyota dealers to guarantee customers\u2019 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, 2023,
range from 1 month to 8 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 payment.
The maximum potential amount of future payments are \u00a53,641,978 million and \u00a53,600,631 million as of
March 31, 2022 and 2023. Liabilities for guarantees totaling \u00a521,869 million, and \u00a516,759 million have been
provided as of March 31, 2022 and 2023. Under these guarantee contracts, Toyota is entitled to recover any
amount paid by Toyota from the customers whose original obligations Toyota has guaranteed.
(3) Market treatment such as recalls, damages and lawsuits
Toyota and other automakers have been named in certain class actions filed in Mexico, Australia, Israel and
Brazil relating to Takata airbag issues. The actions in Israel and Brazil are being litigated. The actions in Mexico
and Australia have been resolved.
F-84
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Toyota is named as a defendant in an economic loss class action lawsuit in Australia in which damages are
claimed on the basis that diesel particulate filters in certain vehicle models are defective. Toyota received an
unfavourable judgment both in the primary court on April 7, 2022 and in the appeal court on March 27, 2023.
The judgments included a finding that there was a perceived reduction in vehicle value of certain vehicle models.
Toyota disagrees with the judgments and has filed an application for a further appeal. Other claims of economic
loss in this class action lawsuit continue to be litigated at the court of first instance. In estimating the provision
we should record in the consolidated financial statements as a result of the aforementioned judgments, Toyota
has considered various factors including the legal and factual circumstances of the case, the contents of the
judgements, and the views of legal counsel. The currently estimated probable economic outflow related to the
class action is immaterial to Toyota\u2019s consolidated financial position, results of operations and cash flows. At this
stage, however, the final outcome and therefore ultimate financial liability for Toyota on account of this matter
cannot be predicted with certainty.
In April 2020, Toyota reported possible anti-bribery violations related to a Thai subsidiary to the SEC and
the Department of Justice (\u201cDOJ\u201d), and is cooperating with their investigations. Investigations by governmental
authorities related to these matters could result in the imposition of civil or criminal penalties, fines or other
sanctions, or litigation. Toyota cannot predict the scope, duration or outcome of these matters at this time.
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, as well as intellectual property litigation, 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. Therefore,
for all of the aforementioned matters, which Toyota is in discussions to resolve, any losses that are beyond the
amounts accrued could have an adverse effect on Toyota\u2019s financial position, results of operations or cash flows.
TMC 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, 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21350": {
"value": "30. Contractual commitments and contingent liabilities
(1) Contractual commitments
Contractual commitments relating to purchase of property, plant and equipment, other assets, and services
are \u00a5349,143 million, \u00a5522,336 million as of March 31, 2022 and 2023.
(2) Guarantees
Toyota enters into contracts with Toyota dealers to guarantee customers\u2019 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, 2023,
range from 1 month to 8 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 payment.
The maximum potential amount of future payments are \u00a53,641,978 million and \u00a53,600,631 million as of
March 31, 2022 and 2023. Liabilities for guarantees totaling \u00a521,869 million, and \u00a516,759 million have been
provided as of March 31, 2022 and 2023. Under these guarantee contracts, Toyota is entitled to recover any
amount paid by Toyota from the customers whose original obligations Toyota has guaranteed.
(3) Market treatment such as recalls, damages and lawsuits
Toyota and other automakers have been named in certain class actions filed in Mexico, Australia, Israel and
Brazil relating to Takata airbag issues. The actions in Israel and Brazil are being litigated. The actions in Mexico
and Australia have been resolved.
F-84
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Toyota is named as a defendant in an economic loss class action lawsuit in Australia in which damages are
claimed on the basis that diesel particulate filters in certain vehicle models are defective. Toyota received an
unfavourable judgment both in the primary court on April 7, 2022 and in the appeal court on March 27, 2023.
The judgments included a finding that there was a perceived reduction in vehicle value of certain vehicle models.
Toyota disagrees with the judgments and has filed an application for a further appeal. Other claims of economic
loss in this class action lawsuit continue to be litigated at the court of first instance. In estimating the provision
we should record in the consolidated financial statements as a result of the aforementioned judgments, Toyota
has considered various factors including the legal and factual circumstances of the case, the contents of the
judgements, and the views of legal counsel. The currently estimated probable economic outflow related to the
class action is immaterial to Toyota\u2019s consolidated financial position, results of operations and cash flows. At this
stage, however, the final outcome and therefore ultimate financial liability for Toyota on account of this matter
cannot be predicted with certainty.
In April 2020, Toyota reported possible anti-bribery violations related to a Thai subsidiary to the SEC and
the Department of Justice (\u201cDOJ\u201d), and is cooperating with their investigations. Investigations by governmental
authorities related to these matters could result in the imposition of civil or criminal penalties, fines or other
sanctions, or litigation. Toyota cannot predict the scope, duration or outcome of these matters at this time.
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, as well as intellectual property litigation, 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. Therefore,
for all of the aforementioned matters, which Toyota is in discussions to resolve, any losses that are beyond the
amounts accrued could have an adverse effect on Toyota\u2019s financial position, results of operations or cash flows.
TMC 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, 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21358": {
"value": "(2) Guarantees
Toyota enters into contracts with Toyota dealers to guarantee customers\u2019 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, 2023,
range from 1 month to 8 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 payment.
The maximum potential amount of future payments are \u00a53,641,978 million and \u00a53,600,631 million as of
March 31, 2022 and 2023. Liabilities for guarantees totaling \u00a521,869 million, and \u00a516,759 million have been
provided as of March 31, 2022 and 2023. Under these guarantee contracts, Toyota is entitled to recover any
amount paid by Toyota from the customers whose original obligations Toyota has guaranteed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21421": {
"value": "(1) Major subsidiaries
Toyota primarily conducts business in the automotive industry. Toyota also conducts business in finance
and other industries.
Toyota\u2019s major subsidiaries are as follows:
Automobiles are mainly manufactured by TMC, Hino Motors Ltd. and Daihatsu Motor Co., Ltd., but some
of them are outsourced in Japan. Toyota Motor Manufacturing Kentucky, Inc. and others manufacture overseas.
Auto parts are manufactured by TMC and others. These products are sold through dealers such as TOYOTA
Mobility Tokyo Inc. in Japan, and through dealers such as Toyota Motor Sales, U.S.A., Inc. overseas.
In the financing business, Toyota Finance Corporation and others provide sales finance services in Japan
and Toyota Motor Credit Corporation and others overseas.
F-85
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
Other business consists of information technology-related businesses and other businesses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21501": {
"value": "32. Related party transactions
(1) Transactions with associates and joint ventures
The balances and turnover of receivables and payables with associates and joint ventures accounted for
under the equity method are as follows:
Yen in millions
March 31,
2022
2023
Trade accounts and other receivables
Associates
..........................................................
302,212
447,400
Joint ventures
........................................................
64,195
85,275
Total
..........................................................
366,407
532,674
Trade accounts and other payables
Associates
..........................................................
1,086,397
1,459,209
Joint ventures
........................................................
5,112
695
Total
..........................................................
1,091,509
1,459,904
Yen in millions
For the years ended March 31,
2021
2022
2023
Sales revenues
Associates
................................................
1,138,144
1,948,681
2,821,963
Joint ventures
..............................................
499,437
413,703
722,278
Total
................................................
1,637,582
2,362,384
3,544,240
Cost of products sold (purchases)
Associates
................................................
5,983,797
7,946,788
9,891,804
Joint ventures
..............................................
51,434
308
59,703
Total
................................................
6,035,231
7,947,095
9,951,507
Dividends from associates and joint ventures accounted for under the equity method are \u00a5252,557 million
and \u00a5349,632 million for the years ended March 31, 2022 and 2023, respectively. In addition, Toyota does not
engage in transactions with associates and joint ventures outside of the normal course of business.
(2) Compensation of key management
The compensation for the directors and audit & supervisory board members of TMC is as follows:
Yen in millions
For the years ended March 31,
2021
2022
2023
Monthly compensation
..........................................
987
1,083
1,226
Bonus
........................................................
748
196
397
Share compensation
.............................................
364
772
808
Other
........................................................
747
\u2014
\u2014
Total
....................................................
2,847
2,051
2,430
F-87
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
\u201cOther\u201d refers to income tax compensation that was granted to a member of the Board of Directors,
Mr. Didier Leroy, with respect to his remuneration during the period in which he served as a member of the
Board of Directors. Mr. Leroy retired on June 11, 2020.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21577": {
"value": "(2) Compensation of key management
The compensation for the directors and audit & supervisory board members of TMC is as follows:
Yen in millions
For the years ended March 31,
2021
2022
2023
Monthly compensation
..........................................
987
1,083
1,226
Bonus
........................................................
748
196
397
Share compensation
.............................................
364
772
808
Other
........................................................
747
\u2014
\u2014
Total
....................................................
2,847
2,051
2,430
F-87
TOYOTA MOTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)
\u201cOther\u201d refers to income tax compensation that was granted to a member of the Board of Directors,
Mr. Didier Leroy, with respect to his remuneration during the period in which he served as a member of the
Board of Directors. Mr. Leroy retired on June 11, 2020.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21629": {
"value": "33. Supplemental cash flow information
\u201cOther,
net\u201d
in
cash
flows
from
investing
activities
includes
a
net
decrease
in
time
deposits
of
\u00a52,070,726 million and a net decrease in time deposits of \u00a5307,970 million for the year ended March 31, 2022
and 2023, respectively.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21651": {
"value": "34. Significant subsequent events
On May 30, 2023, Toyota, Daimler Truck, MFTBC and Hino concluded a memorandum of understanding
on accelerating the development of advanced technologies and conducting a business combination of MFTBC
and Hino so as to collaborate toward achieving carbon neutrality, create a prosperous mobility society by
developing CASE technologies and strengthening the commercial vehicle business on a global scale, and build a
globally competitive Japanese commercial vehicle manufacturer.
MFTBC and Hino will become wholly owned subsidiaries of a new listed holding company. Toyota and
Daimler Truck will equally invest in the holding company and will collaborate on the development of hydrogen
and other CASE technologies to support the competitiveness of the new company. The parties endeavor to
develop and execute definitive agreements related to this transaction, including those concerning details related
to the scope and nature of the collaboration, including the name, location, shareholding ratio and corporate
structure of the new holding company, during the fiscal year ended March 31, 2024 and expect to close the
transaction by December 31, 2024. Accordingly, we cannot currently estimate the impact of this agreement on
Toyota\u2019s consolidated financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493006W3QUS5LMH6R84",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}