Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7):
¨
Material information in the report, other than the Quarterly Consolidated Financial Statements, has already been reported by the
registrant in its press release dated January 29, 2014, a copy of which was submitted under cover of Form 6-K on January 30, 2014 by the registrant.
Attached is an English translation of the registrant’s Quarterly Consolidated Financial Statements for the nine months ended December 31, 2013 and
the three months ended December 31, 2013.
Notes to Quarterly Consolidated Financial Statements (Unaudited)
Komatsu Ltd. and Consolidated Subsidiaries
Nine months ended
December 31, 2013 and 2012
1. Basis of Quarterly Financial Statement Presentation and Summary of Significant Accounting Policies
Basis of Quarterly Financial Statement Presentation
Komatsu Ltd. (“Company”) and its consolidated subsidiaries (together “Komatsu”) prepare and present the accompanying quarterly consolidated
financial statements in accordance with generally accepted accounting principles in the United States of America.
Summary of Significant Accounting
Policies
(1) Adoption of new accounting standards
Komatsu adopted the Accounting Standards Update (“ASU”) 2013-02 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive
Income”, starting in the first quarter period of FY2013, ending March 31, 2014. This update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component, and to
present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. ASU 2013-02 being a disclosure
regulation, such adoption did not have any impact on Komatsu’s financial position and results of operations. The disclosures required by ASU2013-02 are provided in Note 6. Other Comprehensive Income (Loss).
(2) Change in depreciation method
The Company and some of its
consolidated subsidiaries which had adopted the declining balance method for depreciation of property, plant and equipment changed the depreciation method to the straight-line method beginning April 1, 2013.
Komatsu promotes continuous innovation of technologies by concentrating the production of high-value added and technologically important key components in
Japan, and also undertakes integrated development and production under the Mother Plant system. As a general rule, Komatsu engages in local production in different parts of the world where there is sufficient market demand for its products. With
respect to mainstay products, however, Komatsu has facilitated effective use of its global production capacities by cross sourcing finished products after producing them at its most cost-effective plants and exporting them in light of changes in
market demand and foreign exchange rate. Komatsu is establishing its production efficiency, standardization of production and stable operation of production facilities through renewing its old factory buildings in Japan, reassessing logistics and
reforming production process by technology innovation as well as cutting down electric power consumption to half at its plants in Japan. With respect to capital investment, Komatsu continues to invest in its production facilities for renovation at a
constant level. In light of those activities, Komatsu expects stable production and facility utilization within its production capacity, and is able to receive economic benefits from those facilities at a constant rate throughout their durable
periods.
As a result of reviewing its depreciation method, Komatsu concluded that the straight-line method would be an appropriate depreciation method to
reflect its usage of property, plants and equipment and to allocate the costs in earnings.
The effect of the change in depreciation method is recognized
prospectively as a change in accounting estimate in accordance with the FASB Accounting Standards Codification (ASC) 250 “Accounting Changes and Error Corrections”.
As a result of the change in depreciation method, depreciation expense for the nine months ended December 31, 2013 decreased by ¥8,651 million. Net
Income attributable to Komatsu Ltd. for the nine months ended December 31, 2013 increased by ¥5,355 million. Basic and Diluted net income attributable to Komatsu Ltd. per common share for the nine months ended December 31, 2013
increased by ¥5.62, and ¥5.61, respectively.
Excluding the above, there is no material change for Summary of Significant Accounting Policies
stated in annual report for the year ended March 31, 2013.
12
2. Supplemental Cash Flow Information
Additional cash flow information and noncash investing and financing activities for the nine months ended December 31, 2013 and 2012 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Nine months ended
December 31, 2013
|
|
|
Nine months ended
December 31, 2012
|
|
|
Additional cash flow information:
|
|
|
|
|
|
|
|
|
|
Interest paid
|
|
¥
|
7,168
|
|
|
¥
|
6,824
|
|
|
Income taxes paid
|
|
|
60,280
|
|
|
|
48,693
|
|
|
Noncash investing and financing activities:
|
|
|
|
|
|
|
|
|
|
Capital lease obligations incurred
|
|
¥
|
1,340
|
|
|
¥
|
3,258
|
|
In the consolidated statements of cash flow, Komatsu disclosed its cash flow of short-term debt in financing activities on a
net amount basis in the nine months ended December 31, 2012. Komatsu discloses its cash flow on a net amount basis for the debts whose original maturities are three months or less in the nine months ended December 31, 2013. The
consolidated statements of cash flow for the nine months ended December 31, 2012 have been re-presented to be consistent with the December 31, 2013 presentation. This change does not have any impact on the reported total cash flow from
financing activities.
13
3. Allowance for Doubtful Receivables
At December 31, 2013 and at March 31, 2013, allowances for doubtful receivables deducted from Trade notes and accounts receivable, net and Long-term
trade receivables, net are ¥18,723 million and ¥17,994 million, respectively.
14
4. Inventories
At December 31, 2013 and at March 31, 2013, inventories comprised the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
December 31,
2013
|
|
|
March 31,
2013
|
|
|
Finished products, including finished parts held for sale
|
|
¥
|
520,137
|
|
|
¥
|
437,729
|
|
|
Work in process
|
|
|
148,740
|
|
|
|
141,166
|
|
|
Materials and supplies
|
|
|
59,340
|
|
|
|
54,752
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
728,217
|
|
|
¥
|
633,647
|
|
|
|
|
|
|
|
|
|
|
|
15
5. Investment Securities
Investment securities at December 31, 2013 and at March 31, 2013, primarily consisted of securities available for sale.
Unrealized holding gains and losses are included as a component of accumulated other comprehensive income (loss) until realized.
The cost, gross unrealized holding gains and losses, and fair value for such investment securities by major security types at December 31, 2013 and at
March 31, 2013, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
|
|
|
Gross unrealized holding
|
|
|
|
|
|
|
|
Cost
|
|
|
Gains
|
|
|
Losses
|
|
|
Fair value
|
|
|
At December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable equity securities available for sale
|
|
¥
|
15,667
|
|
|
¥
|
45,621
|
|
|
¥
|
1
|
|
|
¥
|
61,287
|
|
|
Other investment securities at cost
|
|
|
8,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¥
|
23,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable equity securities available for sale
|
|
¥
|
17,915
|
|
|
¥
|
33,047
|
|
|
¥
|
8
|
|
|
¥
|
50,954
|
|
|
Other investment securities at cost
|
|
|
8,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¥
|
26,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investment securities primarily include non-marketable equity securities.
Proceeds from the sales of investment securities available for sale during the nine months ended December 31, 2013 and 2012, amounted to ¥4,332 million
and ¥595 million, respectively.
Impairment loss and net gain (loss) from sale of investment securities available for sale during the nine months
ended December 31, 2013 and 2012, amounted to gains of ¥1,605 million and losses of ¥97 million, respectively. Impairment loss and net gain (loss) from sale of investment securities available for sale during the three months ended
December 31, 2013 and 2012, amounted to gains of ¥107 million and losses of ¥16 million, respectively. Such gains and losses were included in other income (expenses), net in the accompanying consolidated statements of income.
The cost of the investment securities sold was computed based on the average-cost method.
Gross unrealized holding losses and the fair value of available-for-sale securities, aggregated by length of time that individual securities have been in a
continuous unrealized loss position at December 31, 2013 and at March 31, 2013, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Less than 12 months
|
|
|
12 months or longer
|
|
|
Total
|
|
|
|
|
Fair value
|
|
|
Gross
unrealized
holding
losses
|
|
|
Fair value
|
|
|
Gross
unrealized
holding
losses
|
|
|
Fair value
|
|
|
Gross
unrealized
holding
losses
|
|
|
At December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable equity securities available for sale
|
|
¥
|
28
|
|
|
¥
|
1
|
|
|
¥
|
—
|
|
|
¥
|
—
|
|
|
¥
|
28
|
|
|
¥
|
1
|
|
|
At March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable equity securities available for sale
|
|
¥
|
190
|
|
|
¥
|
8
|
|
|
¥
|
—
|
|
|
¥
|
—
|
|
|
¥
|
190
|
|
|
¥
|
8
|
|
Komatsu judged the decline in fair value of investment securities at December 31, 2013 and at March 31, 2013, to be
temporary, by considering such factors as financial and operating conditions of issuer, the industry in which the issuer operates and other relevant factors.
16
6. Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) for the nine months ended December 31, 2013 and the three months ended December 31, 2013 are
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Nine months ended December 31, 2013
|
|
|
|
|
Foreign
currency
translation
adjustments
|
|
|
Net unrealized
holding gains
(losses) on
securities
available for sale
|
|
|
Pension
liability
adjustments
|
|
|
Net unrealized
holding gains
(losses)
on derivative
instruments
|
|
|
Total
|
|
|
Balance, beginning of year
|
|
¥
|
(38,833
|
)
|
|
¥
|
21,519
|
|
|
¥
|
(24,835
|
)
|
|
¥
|
(1,291
|
)
|
|
¥
|
(43,440
|
)
|
|
Other comprehensive income (loss) before reclassifications
|
|
|
91,851
|
|
|
|
9,079
|
|
|
|
(185
|
)
|
|
|
(6,729
|
)
|
|
|
94,016
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
|
|
(2,290
|
)
|
|
|
(908
|
)
|
|
|
1,017
|
|
|
|
7,090
|
|
|
|
4,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current-period other comprehensive income (loss)
|
|
|
89,561
|
|
|
|
8,171
|
|
|
|
832
|
|
|
|
361
|
|
|
|
98,925
|
|
|
Less: Other comprehensive income (loss) attributable to noncotrolling interests
|
|
|
3,404
|
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
86
|
|
|
|
3,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) attributable to Komatsu Ltd.
|
|
|
86,157
|
|
|
|
8,171
|
|
|
|
837
|
|
|
|
275
|
|
|
|
95,440
|
|
|
Equity transactions with noncontrolling interests
|
|
|
21
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, end of period
|
|
¥
|
47,345
|
|
|
¥
|
29,690
|
|
|
¥
|
(23,998
|
)
|
|
¥
|
(1,016
|
)
|
|
¥
|
52,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All amounts are net of tax.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Three months ended December 31, 2013
|
|
|
|
|
Foreign
currency
translation
adjustments
|
|
|
Net unrealized
holding gains
(losses) on
securities
available for sale
|
|
|
Pension
liability
adjustments
|
|
|
Net unrealized
holding gains
(losses) on
derivative
instruments
|
|
|
Total
|
|
|
Balance, beginning of period
|
|
¥
|
(15,359
|
)
|
|
¥
|
25,312
|
|
|
¥
|
(24,330
|
)
|
|
¥
|
(538
|
)
|
|
¥
|
(14,915
|
)
|
|
Other comprehensive income (loss) before reclassifications
|
|
|
66,293
|
|
|
|
4,378
|
|
|
|
47
|
|
|
|
(3,696
|
)
|
|
|
67,022
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
|
|
—
|
|
|
|
—
|
|
|
|
283
|
|
|
|
3,273
|
|
|
|
3,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current-period other comprehensive income (loss)
|
|
|
66,293
|
|
|
|
4,378
|
|
|
|
330
|
|
|
|
(423
|
)
|
|
|
70,578
|
|
|
Less: Other comprehensive income (loss) attributable to noncotrolling interests
|
|
|
3,589
|
|
|
|
—
|
|
|
|
(2
|
)
|
|
|
55
|
|
|
|
3,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) attributable to Komatsu Ltd.
|
|
|
62,704
|
|
|
|
4,378
|
|
|
|
332
|
|
|
|
(478
|
)
|
|
|
66,936
|
|
|
Equity transactions with noncontrolling interests
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, end of period
|
|
¥
|
47,345
|
|
|
¥
|
29,690
|
|
|
¥
|
(23,998
|
)
|
|
¥
|
(1,016
|
)
|
|
¥
|
52,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All amounts are net of tax.
17
Reclassifications out of accumulated other comprehensive income (loss) for the nine months ended
December 31, 2013 and the three months ended December 31, 2013 are as follows:
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
|
|
Nine months ended
December 31, 2013
|
|
|
Affected line items in
consolidated statements of income
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
Liquidation
|
|
¥
|
2,290
|
|
|
Other income (expenses), net: Other, net
|
|
|
|
|
|
|
|
|
|
|
|
|
2,290
|
|
|
Total before tax
|
|
|
|
|
—
|
|
|
Income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
2,290
|
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
Net unrealized holding gains (losses) on securities available for sale
|
|
|
|
|
|
|
|
Gain from sale
|
|
|
1,498
|
|
|
Other income (expenses), net: Other, net
|
|
|
|
|
|
|
|
|
|
|
|
|
1,498
|
|
|
Total before tax
|
|
|
|
|
(590
|
)
|
|
Income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
908
|
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
Pension liability adjustments
|
|
|
|
|
|
|
|
Amortization of actuarial loss and prior service cost
|
|
|
(1,838
|
)
|
|
*1
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,838
|
)
|
|
Total before tax
|
|
|
|
|
821
|
|
|
Income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,017
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
Net unrealized holding gains (losses) on derivative instruments
|
|
|
|
|
|
|
|
Forwards contracts
|
|
|
(11,454
|
)
|
|
Other income (expenses), net: Other, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,454
|
)
|
|
Total before tax
|
|
|
|
|
4,364
|
|
|
Income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,090
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period
|
|
¥
|
(4,909
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
|
|
*1 This amount is included in the computation of net
periodic pension cost.
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
|
|
Three months ended
December 31, 2013
|
|
|
Affected line items in
consolidated statements of income
|
|
Pension liability adjustments
|
|
|
|
|
|
|
|
Amortization of actuarial loss and prior service cost
|
|
¥
|
(674
|
)
|
|
*1
|
|
|
|
|
|
|
|
|
|
|
|
|
(674
|
)
|
|
Total before tax
|
|
|
|
|
391
|
|
|
Income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
(283
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
Net unrealized holding gains (losses) on derivative instruments
|
|
|
|
|
|
|
|
Forwards contracts
|
|
|
(5,288
|
)
|
|
Other income (expenses), net: Other, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,288
|
)
|
|
Total before tax
|
|
|
|
|
2,015
|
|
|
Income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,273
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period
|
|
¥
|
(3,556
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
*1
|
This amount is included in the computation of net periodic pension cost.
|
18
Tax effects allocated to each component of other comprehensive income (loss) for the nine months ended
December 31, 2013 and the three months ended December 31, 2013 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Nine months ended December 31, 2013
|
|
|
|
|
Before tax
amount
|
|
|
Tax (expense)
or benefit
|
|
|
Net of tax
amount
|
|
|
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments arising during period
|
|
¥
|
92,003
|
|
|
¥
|
(152
|
)
|
|
¥
|
91,851
|
|
|
Less: Reclassification adjustment for gains included in net income
|
|
|
(2,290
|
)
|
|
|
—
|
|
|
|
(2,290
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net foreign currency translation adjustments
|
|
|
89,713
|
|
|
|
(152
|
)
|
|
|
89,561
|
|
|
Net unrealized holding gains (losses) on securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding gains arising during period
|
|
|
14,067
|
|
|
|
(4,988
|
)
|
|
|
9,079
|
|
|
Less: Reclassification adjustment for gains included in net income
|
|
|
(1,498
|
)
|
|
|
590
|
|
|
|
(908
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gains
|
|
|
12,569
|
|
|
|
(4,398
|
)
|
|
|
8,171
|
|
|
Pension liability adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension liability adjustments arising during period
|
|
|
(283
|
)
|
|
|
98
|
|
|
|
(185
|
)
|
|
Less: Reclassification adjustment for losses included in net income
|
|
|
1,838
|
|
|
|
(821
|
)
|
|
|
1,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net pension liability adjustments
|
|
|
1,555
|
|
|
|
(723
|
)
|
|
|
832
|
|
|
Net unrealized holding gains (losses) on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in fair value of derivatives
|
|
|
(10,911
|
)
|
|
|
4,182
|
|
|
|
(6,729
|
)
|
|
Net losses reclassified into earnings
|
|
|
11,454
|
|
|
|
(4,364
|
)
|
|
|
7,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gains
|
|
|
543
|
|
|
|
(182
|
)
|
|
|
361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
|
¥
|
104,380
|
|
|
¥
|
(5,455
|
)
|
|
¥
|
98,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Three months ended December 31, 2013
|
|
|
|
|
Before tax
amount
|
|
|
Tax (expense)
or benefit
|
|
|
Net of tax
amount
|
|
|
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments arising during period
|
|
¥
|
66,398
|
|
|
¥
|
(105
|
)
|
|
¥
|
66,293
|
|
|
Less: Reclassification adjustment for gains included in net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net foreign currency translation adjustments
|
|
|
66,398
|
|
|
|
(105
|
)
|
|
|
66,293
|
|
|
Net unrealized holding gains (losses) on securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding gains arising during period
|
|
|
6,685
|
|
|
|
(2,307
|
)
|
|
|
4,378
|
|
|
Less: Reclassification adjustment for gains included in net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gains
|
|
|
6,685
|
|
|
|
(2,307
|
)
|
|
|
4,378
|
|
|
Pension liability adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension liability adjustments arising during period
|
|
|
49
|
|
|
|
(2
|
)
|
|
|
47
|
|
|
Less: Reclassification adjustment for losses included in net income
|
|
|
674
|
|
|
|
(391
|
)
|
|
|
283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net pension liability adjustments
|
|
|
723
|
|
|
|
(393
|
)
|
|
|
330
|
|
|
Net unrealized holding gains (losses) on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in fair value of derivatives
|
|
|
(5,997
|
)
|
|
|
2,301
|
|
|
|
(3,696
|
)
|
|
Net losses reclassified into earnings
|
|
|
5,288
|
|
|
|
(2,015
|
)
|
|
|
3,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized losses
|
|
|
(709
|
)
|
|
|
286
|
|
|
|
(423
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
|
¥
|
73,097
|
|
|
¥
|
(2,519
|
)
|
|
¥
|
70,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19
7. Share-Based Compensation
The Company has two types of stock option plans as share-based compensation for directors and certain employees and certain directors of subsidiaries.
The stock option plans resolved by the Board of Directors’ meetings held in and before June 2010
The right to purchase the Company’s shares is granted at a predetermined price to directors and certain employees and certain directors of subsidiaries.
The purchase price is the amount calculated by taking the average of the closing prices applicable to ordinary transactions of shares of the Company on the Tokyo Stock Exchange on all days for a month immediately preceding the month in which the
date of grant of the right falls and multiplying by 1.05, provided that the exercise price shall not be less than the closing price of the shares of the Company on the Tokyo Stock Exchange on the date of the grant.
The stock option plans resolved by the Board of Directors’ meetings held in and after July 2010
The right to purchase the Company’s shares is granted at an exercise price of ¥1 per share to directors and certain employees and certain directors of
subsidiaries.
Based on the resolutions of the shareholders’ meeting on June 23, 2010 and the Board of Directors on July 12, 2012, the
Company issued 843 rights of its share acquisition rights to directors. Based on the resolutions of the shareholders’ meeting on June 20, 2012 and the Board of Directors on July 12, 2012, the Company also issued 2,555 rights of its
share acquisition rights to certain employees and certain directors of subsidiaries during the year ended March 31, 2013. The options vest 100% on each of the grant dates and are exercisable from August 1, 2015.
In addition, based on the resolutions of the shareholders’ meeting on June 23, 2010 and the Board of Directors on July 17, 2013, the Company
issued 561 rights of its share acquisition rights to directors. Based on the resolutions of the shareholders’ meeting on June 19, 2013 and the Board of Directors on July 17, 2013, the Company also issued 2,358 rights of its share
acquisition rights to certain employees and certain directors of subsidiaries during the year ending March 31, 2014. The options vest 100% on each of the grant dates and are exercisable from August 1, 2016.
The number of shares subject to one share acquisition rights is 100 shares.
The Company recognizes compensation expense using the fair value method. Compensation expenses during the nine months ended December 31, 2013 and 2012
were ¥564 million and ¥500 million, respectively, and were recorded in selling, general and administrative expenses. Compensation expenses during the three months ended December 31, 2013 and 2012 were ¥338 million and
¥300 million, respectively, and were recorded in selling, general and administrative expenses.
The Company transfers treasury stock without
issuance of new stock when the share acquisition rights are exercised.
20
8. Net Income Attributable to Komatsu Ltd. per Share
A reconciliation of the numerators and denominators of the basic and diluted net income attributable to Komatsu Ltd. per share computations is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Nine months ended
December 31, 2013
|
|
|
Nine months ended
December 31, 2012
|
|
|
Net income attributable to Komatsu Ltd.
|
|
¥
|
115,337
|
|
|
¥
|
91,096
|
|
|
|
|
|
|
|
Number of shares
|
|
|
|
|
Nine months ended
December 31, 2013
|
|
|
Nine months ended
December 31, 2012
|
|
|
Weighted average common shares outstanding, less treasury stock
|
|
|
953,113,777
|
|
|
|
952,321,093
|
|
|
Dilutive effect of:
|
|
|
|
|
|
|
|
|
|
Stock options
|
|
|
1,030,276
|
|
|
|
843,019
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted common shares outstanding
|
|
|
954,144,053
|
|
|
|
953,164,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen
|
|
|
|
|
Nine months ended
December 31, 2013
|
|
|
Nine months ended
December 31, 2012
|
|
|
Net income attributable to Komatsu Ltd. per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
¥
|
121.01
|
|
|
¥
|
95.66
|
|
|
Diluted
|
|
¥
|
120.88
|
|
|
¥
|
95.57
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Three months ended
December 31, 2013
|
|
|
Three months ended
December 31, 2012
|
|
|
Net income attributable to Komatsu Ltd.
|
|
¥
|
36,527
|
|
|
¥
|
24,984
|
|
|
|
|
|
|
|
Number of shares
|
|
|
|
|
Three months ended
December 31, 2013
|
|
|
Three months ended
December 31, 2012
|
|
|
Weighted average common shares outstanding, less treasury stock
|
|
|
953,193,946
|
|
|
|
952,324,598
|
|
|
Dilutive effect of:
|
|
|
|
|
|
|
|
|
|
Stock options
|
|
|
1,102,548
|
|
|
|
958,077
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted common shares outstanding
|
|
|
954,296,494
|
|
|
|
953,282,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen
|
|
|
|
|
Three months ended
December 31, 2013
|
|
|
Three months ended
December 31, 2012
|
|
|
Net income attributable to Komatsu Ltd. per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
¥
|
38.32
|
|
|
¥
|
26.23
|
|
|
Diluted
|
|
¥
|
38.28
|
|
|
¥
|
26.21
|
|
21
9. Contingent Liabilities
At December 31, 2013 and at March 31, 2013, Komatsu was contingently liable for discounted and transferred receivables on a recourse basis with the
financial institutions of ¥314 million and ¥406 million, respectively.
Komatsu provides guarantees to third parties of loans of the
employees, affiliated companies, customers and other companies. The guarantees of loans relating to the employees are mainly made for their housing loans. The guarantees of loans relating to the affiliated companies, customers and other companies
are made to enhance the credit of those companies.
For each guarantee provided, Komatsu would have to perform under a guarantee, if the borrower defaults
on a payment within the contract terms. The contract terms are from 10 years to 30 years in the case of employees with housing loans, and from 1 year to 11 years in the case of loans relating to the affiliated companies, customers and other
companies. The maximum amount of undiscounted payments Komatsu would have had to make in the event of default was ¥78,879 million and ¥94,776 million at December 31, 2013 and at March 31, 2013, respectively. The fair value of
the liabilities recognized for Komatsu’s obligations as guarantors under those guarantees at December 31, 2013 was insignificant. Certain of those guarantees were secured by collateral and insurance issued to the Company.
Management of Komatsu believes that losses from those contingent liabilities, if any, would not have a material effect on the consolidated financial
statements.
Komatsu is involved in certain legal actions and claims arising in the ordinary course of its business. It is the opinion of management and
legal counsel that such litigation and claims will be resolved without material effect on Komatsu’s financial statements.
Komatsu has business
activities with customers, dealers and associates around the world and its trade receivables from such parties and the guarantees for them are well diversified to minimize concentrations of credit risks. Management does not anticipate incurring
losses on its trade receivables in excess of established allowances.
22
10. Derivative Financial Instruments
Notional principal amounts of derivative financial instruments outstanding at December 31, 2013 and at March 31, 2013 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
December 31,
2013
|
|
|
March 31,
2013
|
|
|
Forwards:
|
|
|
|
|
|
|
|
|
|
Sale of foreign currencies
|
|
¥
|
116,321
|
|
|
¥
|
130,060
|
|
|
Purchase of foreign currencies
|
|
|
48,048
|
|
|
|
39,904
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
|
91,305
|
|
|
|
103,182
|
|
Fair value of derivative instruments at December 31, 2013 and at March 31, 2013 on the consolidated balance sheets
are as follows (Notes 11 and 12):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
December 31, 2013
|
|
|
|
|
Derivative Assets
|
|
|
Derivative Liabilities
|
|
|
Derivative instruments designated as
hedging instruments
|
|
Location on the consolidated Balance
Sheets
|
|
Estimated
fair value
|
|
|
Location on the consolidated Balance
Sheets
|
|
Estimated
fair value
|
|
|
Forwards contracts
|
|
Deferred income taxes and other current assets
|
|
¥
|
—
|
|
|
Deferred income taxes and other current liabilities
|
|
¥
|
2,281
|
|
|
|
|
Deferred income taxes and other assets
|
|
|
—
|
|
|
Deferred income taxes and other liabilities
|
|
|
7,590
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
Deferred income taxes and other current assets
|
|
|
15
|
|
|
Deferred income taxes and other current liabilities
|
|
|
677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
¥
|
15
|
|
|
|
|
¥
|
10,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Assets
|
|
|
Derivative Liabilities
|
|
|
Undesignated derivative instruments
|
|
Location on the consolidated Balance
Sheets
|
|
Estimated
fair value
|
|
|
Location on the consolidated Balance
Sheets
|
|
Estimated
fair value
|
|
|
Forwards contracts
|
|
Deferred income taxes and other current assets
|
|
¥
|
938
|
|
|
Deferred income taxes and other current liabilities
|
|
¥
|
2,717
|
|
|
|
|
Deferred income taxes and other assets
|
|
|
1
|
|
|
Deferred income taxes and other liabilities
|
|
|
—
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
Deferred income taxes and other current assets
|
|
|
312
|
|
|
Deferred income taxes and other current liabilities
|
|
|
791
|
|
|
|
|
Deferred income taxes and other assets
|
|
|
—
|
|
|
Deferred income taxes and other liabilities
|
|
|
284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
¥
|
1,251
|
|
|
|
|
¥
|
3,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Derivative Instruments
|
|
|
|
¥
|
1,266
|
|
|
|
|
¥
|
14,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
March 31, 2013
|
|
|
|
|
Derivative Assets
|
|
|
Derivative Liabilities
|
|
|
Derivative instruments designated as
hedging instruments
|
|
Location on the consolidated
Balance Sheets
|
|
Estimated
fair value
|
|
|
Location on the consolidated
Balance Sheets
|
|
Estimated
fair value
|
|
|
Forwards contracts
|
|
Deferred income taxes and other current assets
|
|
¥
|
43
|
|
|
Deferred income taxes and other current liabilities
|
|
¥
|
2,479
|
|
|
|
|
Deferred income taxes and other assets
|
|
|
—
|
|
|
Deferred income taxes and other liabilities
|
|
|
3,905
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
Deferred income taxes and other current assets
|
|
|
42
|
|
|
Deferred income taxes and other current liabilities
|
|
|
1,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
¥
|
85
|
|
|
|
|
¥
|
7,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Assets
|
|
|
Derivative Liabilities
|
|
|
Undesignated derivative instruments
|
|
Location on the consolidated
Balance Sheets
|
|
Estimated
fair value
|
|
|
Location on the consolidated
Balance Sheets
|
|
Estimated
fair value
|
|
|
Forwards contracts
|
|
Deferred income taxes and other current assets
|
|
¥
|
463
|
|
|
Deferred income taxes and other current liabilities
|
|
¥
|
3,628
|
|
|
|
|
Deferred income taxes and other assets
|
|
|
1
|
|
|
Deferred income taxes and other liabilities
|
|
|
11
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
Deferred income taxes and other current assets
|
|
|
2
|
|
|
Deferred income taxes and other current liabilities
|
|
|
791
|
|
|
|
|
Deferred income taxes and other assets
|
|
|
288
|
|
|
Deferred income taxes and other liabilities
|
|
|
272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
¥
|
754
|
|
|
|
|
¥
|
4,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Derivative Instruments
|
|
|
|
¥
|
839
|
|
|
|
|
¥
|
12,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24
The effects of derivative instruments on the consolidated statements of income and consolidated statements of
comprehensive income for the nine months ended December 31, 2013 and 2012 are as follows:
Derivative instruments designated as cash flow hedging
relationships
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Nine months ended
December 31, 2013
|
|
|
|
|
Effective portion
|
|
|
Ineffective portion and
amount excluded from
effectiveness testing
|
|
|
|
|
Amount of
gains (losses)
recognized
in OCI on
derivatives
|
|
|
Location of gains
(losses)
reclassified
from accumulated
OCI into income
|
|
|
Amount of
gains (losses)
reclassified
from
accumulated
OCI into income
|
|
|
Location of
gains (losses)
recognized in
income on
derivatives
|
|
|
Amount of
gains (losses)
recognized
in income on
derivatives
|
|
|
Forwards contracts
|
|
¥
|
(11,218
|
)
|
|
|
Other
income
(expenses),
net: Other,
net
|
|
|
¥
|
(11,454
|
)
|
|
|
—
|
|
|
¥
|
—
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
|
307
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
(10,911
|
)
|
|
|
|
|
|
¥
|
(11,454
|
)
|
|
|
|
|
|
¥
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Nine months ended
December 31, 2012
|
|
|
|
|
Effective portion
|
|
|
Ineffective portion and
amount excluded from
effectiveness testing
|
|
|
|
|
Amount of
gains (losses)
recognized
in OCI on
derivatives
|
|
|
Location of gains
(losses)
reclassified from
accumulated OCI
into income
|
|
|
Amount of gains
(losses)
reclassified
from
accumulated
OCI into income
|
|
|
Location of
gains (losses)
recognized in
income on
derivatives
|
|
|
Amount of
gains (losses)
recognized
in income on
derivatives
|
|
|
Forwards contracts
|
|
¥
|
(2,317
|
)
|
|
|
Other
income
(expenses),
net: Other,
net
|
|
|
¥
|
(2,923
|
)
|
|
|
—
|
|
|
¥
|
—
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
|
(558
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
(2,875
|
)
|
|
|
|
|
|
¥
|
(2,923
|
)
|
|
|
|
|
|
¥
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OCI stands for other comprehensive income (loss).
25
Derivative instruments not designated as hedging instruments relationships
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Nine months ended
December 31, 2013
|
|
|
|
|
Location of gains (losses) recognized
in income on derivatives
|
|
Amount of gains (losses)
recognized
in income on derivatives
|
|
|
Forwards contracts
|
|
Other income (expenses), net: Other, net
|
|
¥
|
(1,780
|
)
|
|
Option contracts
|
|
Other income (expenses), net: Other, net
|
|
|
(0
|
)
|
|
Interest rate swaps, cross-currency swaps
and interest rate cap agreements
|
|
Cost of sales
|
|
|
172
|
|
|
|
|
Other income (expenses), net: Other, net
|
|
|
170
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
¥
|
(1,438
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Nine months ended
December 31, 2012
|
|
|
|
|
Location of gains (losses) recognized
in income on derivatives
|
|
Amount of gains (losses)
recognized
in income on derivatives
|
|
|
Forwards contracts
|
|
Other income (expenses), net: Other, net
|
|
¥
|
(2,748
|
)
|
|
Option contracts
|
|
Other income (expenses), net: Other, net
|
|
|
(4
|
)
|
|
Interest rate swaps, cross-currency swaps
and interest rate cap agreements
|
|
Cost of sales
|
|
|
(55
|
)
|
|
|
|
Other income (expenses), net: Other, net
|
|
|
(921
|
)
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
¥
|
(3,728
|
)
|
|
|
|
|
|
|
|
|
The effects of derivative instruments on the consolidated statements of income and consolidated statements of comprehensive
income for the three months ended December 31, 2013 and 2012 are as follows:
26
Derivative instruments designated as cash flow hedging relationships
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Three months ended
December 31, 2013
|
|
|
|
|
Effective portion
|
|
|
Ineffective portion and amount excluded
from effectiveness testing
|
|
|
|
|
Amount of
gains (losses)
recognized in
OCI on
derivatives
|
|
|
Location of
gains (losses)
reclassified
from accumulated
OCI into income
|
|
|
Amount of
gains (losses)
reclassified
from accumulated
OCI into income
|
|
|
Location of
gains (losses)
recognized in
income
on derivatives
|
|
|
Amount of
gains (losses)
recognized in
income
on derivatives
|
|
|
Forwards contracts
|
|
¥
|
(6,194
|
)
|
|
|
Other income
(expenses), net:
Other, net
|
|
|
¥
|
(5,288
|
)
|
|
|
—
|
|
|
¥
|
—
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
|
197
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
(5,997
|
)
|
|
|
|
|
|
¥
|
(5,288
|
)
|
|
|
|
|
|
¥
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Three months ended
December 31, 2012
|
|
|
|
|
Effective portion
|
|
|
Ineffective portion and amount
excluded from effectiveness testing
|
|
|
|
|
Amount of
gains (losses)
recognized in
OCI on
derivatives
|
|
|
Location of
gains (losses)
reclassified
from accumulated
OCI into income
|
|
|
Amount of
gains (losses)
reclassified
from accumulated
OCI into income
|
|
|
Location of
gains (losses)
recognized in
income
on derivatives
|
|
|
Amount of
gains (losses)
recognized in
income on
derivatives
|
|
|
Forwards contracts
|
|
¥
|
(8,065
|
)
|
|
|
Other income
(expenses), net:
Other, net
|
|
|
¥
|
(5,657
|
)
|
|
|
—
|
|
|
¥
|
—
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
|
(363
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
(8,428
|
)
|
|
|
|
|
|
¥
|
(5,657
|
)
|
|
|
|
|
|
¥
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OCI stands for other comprehensive income (loss).
27
Derivative instruments not designated as hedging instruments relationships
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Three months ended
December 31, 2013
|
|
|
|
|
Location of gains (losses) recognized in
income on derivatives
|
|
Amount of gains (losses) recognized
in income on derivatives
|
|
|
Forwards contracts
|
|
Other income (expenses), net: Other, net
|
|
¥
|
(1,755
|
)
|
|
Option contracts
|
|
Other income (expenses), net: Other, net
|
|
|
—
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
Cost of sales
|
|
|
50
|
|
|
|
|
Other income (expenses), net: Other, net
|
|
|
48
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
¥
|
(1,657
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Three months ended
December 31, 2012
|
|
|
|
|
Location of gains (losses) recognized
in income on derivatives
|
|
Amount of gains (losses) recognized
in income on derivatives
|
|
|
Forwards contracts
|
|
Other income (expenses), net: Other, net
|
|
¥
|
(3,193
|
)
|
|
Option contracts
|
|
Other income (expenses), net: Other, net
|
|
|
(3
|
)
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
Cost of sales
|
|
|
(34
|
)
|
|
|
|
Other income (expenses), net: Other, net
|
|
|
(313
|
)
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
¥
|
(3,543
|
)
|
|
|
|
|
|
|
|
|
28
11. Fair Values of Financial Instruments
(1) Cash and cash equivalents, Time deposits, Trade notes and accounts receivable, Other current assets, Short-term debt, Trade notes, bills and accounts
payables, and Other current liabilities
The carrying amount approximates fair value because of the short maturity of these instruments.
(2) Investment securities, marketable equity securities
The fair values of investment securities available for sale for which it is practicable to estimate fair value are based on quoted market prices and are
recognized on the accompanying consolidated balance sheets.
(3) Long-term trade receivables
The fair values of long-term trade receivables are based on the present value of future cash flows through maturity, discounted using estimated current
interest rates. The fair values computed on such a basis approximate the carrying amounts.
(4) Long-term debt, including current portion
(Note
12)
The fair values of each of the long-term debts are based on the quoted price in the most active market or the present value of future cash
flows associated with each instrument discounted using the current borrowing rate for similar debt of comparable maturity and is classified in Level 2 in the fair value hierarchy.
(5) Derivatives
(Notes 10 and 12)
The fair values
of derivative financial instruments, consisting principally of foreign exchange contracts and interest swap agreements, are estimated by obtaining quotes from brokers and are recognized on the accompanying consolidated balance sheets.
29
The carrying amounts and the estimated fair values of the financial instruments, including financial instruments
not qualifying as hedge, at December 31, 2013 and at March 31, 2013, are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
December 31, 2013
|
|
|
March 31, 2013
|
|
|
|
Carrying
amount
|
|
|
Estimated
fair value
|
|
|
Carrying
amount
|
|
|
Estimated
fair value
|
|
|
Cash and cash equivalents
|
|
¥
|
110,890
|
|
|
¥
|
110,890
|
|
|
¥
|
93,620
|
|
|
¥
|
93,620
|
|
|
Time deposits
|
|
|
132
|
|
|
|
132
|
|
|
|
217
|
|
|
|
217
|
|
|
Trade notes and accounts receivable, net
|
|
|
591,975
|
|
|
|
591,975
|
|
|
|
606,904
|
|
|
|
606,904
|
|
|
Long-term trade receivables, net
|
|
|
251,320
|
|
|
|
251,320
|
|
|
|
235,825
|
|
|
|
235,825
|
|
|
Investment securities, marketable equity securities
|
|
|
61,287
|
|
|
|
61,287
|
|
|
|
50,954
|
|
|
|
50,954
|
|
|
Short-term debt
|
|
|
254,988
|
|
|
|
254,988
|
|
|
|
205,156
|
|
|
|
205,156
|
|
|
Trade notes, bills and accounts payable
|
|
|
234,886
|
|
|
|
234,886
|
|
|
|
226,275
|
|
|
|
226,275
|
|
|
Long-term debt, including current portion
|
|
|
449,669
|
|
|
|
440,489
|
|
|
|
474,607
|
|
|
|
469,444
|
|
|
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forwards contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
939
|
|
|
|
939
|
|
|
|
507
|
|
|
|
507
|
|
|
Liabilities
|
|
|
12,588
|
|
|
|
12,588
|
|
|
|
10,023
|
|
|
|
10,023
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
327
|
|
|
|
327
|
|
|
|
332
|
|
|
|
332
|
|
|
Liabilities
|
|
|
1,752
|
|
|
|
1,752
|
|
|
|
2,126
|
|
|
|
2,126
|
|
Limitations
Fair value
estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore
cannot be determined with precision. Changes in assumptions could affect the estimates.
30
12. Fair value measurements
ASC 820, “Fair Value Measurements and Disclosures” defines that fair value is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair
value are as follows:
|
|
|
|
|
Level 1
–
|
|
Quoted prices in active markets for identical assets or liabilities
|
|
|
|
|
Level 2
–
|
|
Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly
|
|
|
|
|
Level 3
–
|
|
Unobservable inputs for the assets or liabilities
|
31
Assets and liabilities that are measured at fair value on a recurring basis
The fair value hierarchy levels of assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013 and at March 31,
2013 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
At December 31, 2013
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufacturing industry
|
|
¥
|
31,953
|
|
|
¥
|
—
|
|
|
¥
|
—
|
|
|
¥
|
31,953
|
|
|
Financial service industry
|
|
|
24,769
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24,769
|
|
|
Other
|
|
|
4,565
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,565
|
|
|
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward contracts
|
|
|
—
|
|
|
|
939
|
|
|
|
—
|
|
|
|
939
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
|
—
|
|
|
|
327
|
|
|
|
—
|
|
|
|
327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
61,287
|
|
|
¥
|
1,266
|
|
|
¥
|
—
|
|
|
¥
|
62,553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward contracts
|
|
¥
|
—
|
|
|
¥
|
12,588
|
|
|
¥
|
—
|
|
|
¥
|
12,588
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
|
—
|
|
|
|
1,752
|
|
|
|
—
|
|
|
|
1,752
|
|
|
Other
|
|
|
—
|
|
|
|
116,667
|
|
|
|
553
|
|
|
|
117,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
—
|
|
|
¥
|
131,007
|
|
|
¥
|
553
|
|
|
¥
|
131,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
At March 31, 2013
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufacturing industry
|
|
¥
|
28,061
|
|
|
¥
|
—
|
|
|
¥
|
—
|
|
|
¥
|
28,061
|
|
|
Financial service industry
|
|
|
19,299
|
|
|
|
—
|
|
|
|
—
|
|
|
|
19,299
|
|
|
Other
|
|
|
3,594
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,594
|
|
|
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward contracts
|
|
|
—
|
|
|
|
507
|
|
|
|
—
|
|
|
|
507
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
|
—
|
|
|
|
332
|
|
|
|
—
|
|
|
|
332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
50,954
|
|
|
¥
|
839
|
|
|
¥
|
—
|
|
|
¥
|
51,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward contracts
|
|
¥
|
—
|
|
|
¥
|
10,023
|
|
|
¥
|
—
|
|
|
¥
|
10,023
|
|
|
Interest rate swaps, cross-currency swaps and interest rate cap agreements
|
|
|
—
|
|
|
|
2,126
|
|
|
|
—
|
|
|
|
2,126
|
|
|
Other
|
|
|
—
|
|
|
|
76,239
|
|
|
|
639
|
|
|
|
76,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
—
|
|
|
¥
|
88,388
|
|
|
¥
|
639
|
|
|
¥
|
89,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale
Marketable equity securities are classified in Level 1 in the fair value hierarchy. Marketable equity securities are measured using a market approach based on
the quoted market prices in active markets.
32
Derivatives
(Notes 10 and 11)
Derivatives primarily represent foreign exchange contracts and interest rate swap agreements. The fair value of foreign exchange contracts is based on a
valuation model that discounts cash flows resulting from the differential between contract rate and the market-based forward rate and is classified in Level 2 in the fair value hierarchy. The fair value of interest rate swap agreements is based on a
valuation model that discounts cash flows based on the terms of the contract and the swap curves and is classified in Level 2 in the fair value hierarchy.
Other
Other primarily represents loans which are
measured at fair value under the Fair Value Option of ASC 825, “Financial Instruments”. The fair value of loans is based on a valuation model based on market yield curve data and credit spread data and is classified in Level 2 in the fair
value hierarchy. The credit spread data was obtained through use of credit default swaps for each counterparty.
The following table summarizes
information about changes of Level 3 for the nine months ended December 31, 2013 and 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Nine months ended
December 31, 2013
|
|
|
Nine months ended
December 31, 2012
|
|
|
Balance, beginning of year
|
|
¥
|
(639
|
)
|
|
¥
|
(752
|
)
|
|
Total gains or losses (realized / unrealized)
|
|
|
86
|
|
|
|
158
|
|
|
Included in earnings
|
|
|
153
|
|
|
|
183
|
|
|
Included in other comprehensive income (loss)
|
|
|
(67
|
)
|
|
|
(25
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Balance, end of period
|
|
¥
|
(553
|
)
|
|
¥
|
(594
|
)
|
|
|
|
|
|
|
|
|
|
|
The amounts of unrealized gains on classified in Level 3 liabilities recognized in earnings for the nine months ended
December 31, 2013 and 2012 related to liabilities still held at December 31, 2013 and 2012 were gains of ¥153 million and gains of ¥183 million, respectively. These gains were reported in other income (expenses), net of the
consolidated statements of income.
The following table summarizes information about changes of Level 3 for the three months ended December 31, 2013
and 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Three months ended
December 31, 2013
|
|
|
Three months ended
December 31, 2012
|
|
|
Balance, beginning of period
|
|
¥
|
(572
|
)
|
|
¥
|
(572
|
)
|
|
Total gains or losses (realized / unrealized)
|
|
|
19
|
|
|
|
(22
|
)
|
|
Included in earnings
|
|
|
61
|
|
|
|
40
|
|
|
Included in other comprehensive income (loss)
|
|
|
(42
|
)
|
|
|
(62
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Balance, end of period
|
|
¥
|
(553
|
)
|
|
¥
|
(594
|
)
|
|
|
|
|
|
|
|
|
|
|
The amounts of unrealized gains on classified in Level 3 liabilities recognized in earnings for the three months ended
December 31, 2013 and 2012 related to liabilities still held at December 31, 2013 and 2012 were gains of ¥61 million and gains of ¥40 million, respectively. These gains were reported in other income (expenses), net of the
consolidated statements of income.
Assets and liabilities that are measured at fair value on a non-recurring basis
During nine months ended December 31, 2013 and 2012 assets and liabilities that were measured at fair value on a non-recurring basis were not material.
33
13. Committed Credit lines
Certain consolidated subsidiaries have entered into contract with certain financial institutions for committed credit lines. These total amounts of committed
credit lines at December 31, 2013 and at March 31, 2013 were ¥39,985 million and ¥49,997 million, respectively. These total amounts of unused committed credit lines available for full and immediate borrowings at December 31,
2013 and at March 31, 2013 were ¥16,345 million and ¥14,738 million, respectively.
34
14. Dividends
Nine months ended December 31, 2013
Payment
amount of dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resolution
|
|
Type of
stock
|
|
|
Aggregate
amount of
dividends
(Millions of yen)
|
|
|
Resource of
dividends
|
|
|
Dividend
per share
(Yen)
|
|
|
Record date
|
|
|
Effective date
|
|
|
Ordinary general meeting of shareholders held on June 19, 2013
|
|
|
Common
stock
|
|
|
|
22,879
|
|
|
|
Retained
earnings
|
|
|
|
24
|
|
|
|
March 31,
2013
|
|
|
|
June 20,
2013
|
|
|
Board of Directors held on October 28, 2013
|
|
|
Common
stock
|
|
|
|
27,658
|
|
|
|
Retained
earnings
|
|
|
|
29
|
|
|
|
September
30, 2013
|
|
|
|
November
29, 2013
|
|
Nine months ended December 31, 2012
Payment amount of dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resolution
|
|
Type of
stock
|
|
|
Aggregate
amount of
dividends
(Millions of yen)
|
|
|
Resource of
dividends
|
|
|
Dividend
per share
(Yen)
|
|
|
Record date
|
|
|
Effective date
|
|
|
Ordinary general meeting of shareholders held on June 20, 2012
|
|
|
Common
stock
|
|
|
|
20,008
|
|
|
|
Retained
earnings
|
|
|
|
21
|
|
|
|
March 31,
2012
|
|
|
|
June 21,
2012
|
|
|
Board of Directors held on October 30, 2012
|
|
|
Common
stock
|
|
|
|
22,868
|
|
|
|
Retained
earnings
|
|
|
|
24
|
|
|
|
September
30, 2012
|
|
|
|
November
30, 2012
|
|
The amount is rounded down to nearest million yen.
35
15. Business Segment and Geographic Information
Komatsu has two operating segments: 1) Construction, Mining and Utility Equipment, and 2) Industrial Machinery and Others.
The accounting policies used by the segments are the same as those used in the preparation of the quarterly consolidated financial statements.
Segment profit is determined by subtracting the cost of sales and selling, general and administrative expenses from net sales attributed to the operating
segment. Segment profit excludes certain general corporate administration and finance expenses, such as costs of executive management, corporate development, corporate finance, human resources, internal audit, investor relations, legal and public
relations. Segment profit also excludes certain charges which may otherwise relate to operating segments, including impairments of long lived assets and goodwill.
Operating segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Nine months ended
December 31,
2013
|
|
|
Nine months ended
December 31,
2012
|
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
Construction, Mining and Utility Equipment—
|
|
|
|
|
|
|
|
|
|
External customers
|
|
¥
|
1,248,856
|
|
|
¥
|
1,205,655
|
|
|
Intersegment
|
|
|
1,939
|
|
|
|
1,959
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,250,795
|
|
|
|
1,207,614
|
|
|
Industrial Machinery and Others—
|
|
|
|
|
|
|
|
|
|
External customers
|
|
|
140,658
|
|
|
|
144,923
|
|
|
Intersegment
|
|
|
4,245
|
|
|
|
5,703
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
144,903
|
|
|
|
150,626
|
|
|
Elimination
|
|
|
(6,184
|
)
|
|
|
(7,662
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
¥
|
1,389,514
|
|
|
¥
|
1,350,578
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit:
|
|
|
|
|
|
|
|
|
|
Construction, Mining and Utility Equipment
|
|
¥
|
164,124
|
|
|
¥
|
148,381
|
|
|
Industrial Machinery and Others
|
|
|
1,122
|
|
|
|
3,824
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segment profit
|
|
|
165,246
|
|
|
|
152,205
|
|
|
Corporate expenses and elimination
|
|
|
(1,537
|
)
|
|
|
(1,136
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
163,709
|
|
|
|
151,069
|
|
|
Other operating income (expenses), net
|
|
|
1,923
|
|
|
|
(578
|
)
|
|
Operating income
|
|
|
165,632
|
|
|
|
150,491
|
|
|
Interest and dividend income
|
|
|
3,060
|
|
|
|
3,209
|
|
|
Interest expense
|
|
|
(6,634
|
)
|
|
|
(6,155
|
)
|
|
Other, net
|
|
|
8,073
|
|
|
|
(1,957
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated income before income taxes and equity in earnings of affiliated companies
|
|
¥
|
170,131
|
|
|
¥
|
145,588
|
|
|
|
|
|
|
|
|
|
|
|
36
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
|
Three months ended
December 31, 2013
|
|
|
Three months ended
December 31, 2012
|
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
Construction, Mining and Utility Equipment—
|
|
|
|
|
|
|
|
|
|
External customers
|
|
¥
|
420,081
|
|
|
¥
|
367,987
|
|
|
Intersegment
|
|
|
643
|
|
|
|
477
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
420,724
|
|
|
|
368,464
|
|
|
Industrial Machinery and Others—
|
|
|
|
|
|
|
|
|
|
External customers
|
|
|
44,312
|
|
|
|
51,742
|
|
|
Intersegment
|
|
|
992
|
|
|
|
1,685
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
45,304
|
|
|
|
53,427
|
|
|
Elimination
|
|
|
(1,635
|
)
|
|
|
(2,162
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
¥
|
464,393
|
|
|
¥
|
419,729
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit:
|
|
|
|
|
|
|
|
|
|
Construction, Mining and Utility Equipment
|
|
¥
|
58,331
|
|
|
¥
|
38,800
|
|
|
Industrial Machinery and Others
|
|
|
(3,686
|
)
|
|
|
523
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segment profit
|
|
|
54,645
|
|
|
|
39,323
|
|
|
Corporate expenses and elimination
|
|
|
(29
|
)
|
|
|
466
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
54,616
|
|
|
|
39,789
|
|
|
Other operating income (expenses), net
|
|
|
2,070
|
|
|
|
(562
|
)
|
|
Operating income
|
|
|
56,686
|
|
|
|
39,227
|
|
|
Interest and dividend income
|
|
|
774
|
|
|
|
941
|
|
|
Interest expense
|
|
|
(2,271
|
)
|
|
|
(1,649
|
)
|
|
Other, net
|
|
|
2,481
|
|
|
|
1,685
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated income before income taxes and equity in earnings of affiliated companies
|
|
¥
|
57,670
|
|
|
¥
|
40,204
|
|
|
|
|
|
|
|
|
|
|
|
Business categories and principal products and services included in each operating segment are as follows:
a. Construction, Mining and Utility Equipment:
Excavating equipment, loading equipment, grading and roadbed preparation equipment, hauling equipment, forestry equipment, tunneling machines,
recycling equipment, industrial vehicles, other equipment, engines and components, casting products and logistics
b. Industrial Machinery
and Others:
Metal forging and stamping presses, sheet-metal machines, machine tools, defense systems, temperature-control equipment and
others
Transfers between segments are made at estimated arm’s-length prices.
37
Geographic information:
Net sales determined by customer location for the nine months ended December 31, 2013 and 2012 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
Nine months ended
December 31, 2013
|
|
|
Nine months ended
December 31, 2012
|
|
|
Japan
|
|
¥
|
310,145
|
|
|
¥
|
271,095
|
|
|
The Americas
|
|
|
408,234
|
|
|
|
393,258
|
|
|
Europe and CIS
|
|
|
143,417
|
|
|
|
149,208
|
|
|
China
|
|
|
130,703
|
|
|
|
109,331
|
|
|
Asia (excluding Japan and China) and Oceania
|
|
|
283,272
|
|
|
|
338,221
|
|
|
Middle East and Africa
|
|
|
113,743
|
|
|
|
89,465
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net sales
|
|
¥
|
1,389,514
|
|
|
¥
|
1,350,578
|
|
|
|
|
|
|
|
|
|
|
|
Net sales determined by customer location for the three months ended December 31, 2013 and 2012 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
Three months ended
December 31, 2013
|
|
|
Three months ended
December 31, 2012
|
|
|
Japan
|
|
¥
|
116,537
|
|
|
¥
|
92,179
|
|
|
The Americas
|
|
|
135,376
|
|
|
|
124,821
|
|
|
Europe and CIS
|
|
|
47,238
|
|
|
|
49,636
|
|
|
China
|
|
|
42,981
|
|
|
|
34,000
|
|
|
Asia (excluding Japan and China) and Oceania
|
|
|
84,994
|
|
|
|
91,447
|
|
|
Middle East and Africa
|
|
|
37,267
|
|
|
|
27,646
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net sales
|
|
¥
|
464,393
|
|
|
¥
|
419,729
|
|
|
|
|
|
|
|
|
|
|
|
Net sales determined by geographic origin for the nine months ended December 31, 2013 and 2012 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
Nine months ended
December 31, 2013
|
|
|
Nine months ended
December 31, 2012
|
|
|
Japan
|
|
¥
|
460,600
|
|
|
¥
|
445,435
|
|
|
U.S.A.
|
|
|
383,967
|
|
|
|
377,196
|
|
|
Europe and CIS
|
|
|
153,994
|
|
|
|
147,681
|
|
|
China
|
|
|
113,777
|
|
|
|
84,668
|
|
|
Others
|
|
|
277,176
|
|
|
|
295,598
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net sales
|
|
¥
|
1,389,514
|
|
|
¥
|
1,350,578
|
|
|
|
|
|
|
|
|
|
|
|
Net sales determined by geographic origin for the three months ended December 31, 2013 and 2012 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of yen
|
|
|
|
Three months ended
December 31, 2013
|
|
|
Three months ended
December 31, 2012
|
|
|
Japan
|
|
¥
|
164,901
|
|
|
¥
|
144,317
|
|
|
U.S.A.
|
|
|
130,698
|
|
|
|
118,217
|
|
|
Europe and CIS
|
|
|
46,850
|
|
|
|
50,118
|
|
|
China
|
|
|
37,552
|
|
|
|
22,938
|
|
|
Others
|
|
|
84,392
|
|
|
|
84,139
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net sales
|
|
¥
|
464,393
|
|
|
¥
|
419,729
|
|
|
|
|
|
|
|
|
|
|
|
Other than in Japan, U.S.A. and China, no individual country had a material impact on net sales to external customers.
There were no sales to a single major external customer for the nine months and three months ended December 31, 2013 and 2012.
38
16. Subsequent Event
There was no significant subsequent event to be disclosed.
39
