Inventories are valued at cost, not in excess of market, cost being determined on the “average-cost” basis, except for the cost of finished products carried by certain subsidiary companies which is determined on the “specific identification” basis or “last-in, first-out” (“LIFO”) basis. Inventories valued on the LIFO basis totaled ¥199,275 million and ¥151,183 million at March 31, 2010 and 2011, respectively.
Source: Toyota Motor Corp., Annual Report
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Toyota Motor Corp., Statement of Financial Position, Inventory
USD $ in millions, translated from JPY ￥
| Mar 31, 2011 | Mar 31, 2010 | Mar 31, 2009 | Mar 31, 2008 | Mar 31, 2007 | Mar 31, 2006 | ||
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Finished goods | |
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Raw materials | |
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Work in process | |
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Supplies and other | |
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Inventories | |
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Source: Based on data from Toyota Motor Corp. Annual Reports
| Item | Description | The company |
|---|---|---|
| Finished goods | Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. | Toyota Motor Corp.'s finished goods increased from 2009 to 2010 but then declined significantly from 2010 to 2011. |
| Raw materials | Carrying amount as of the balance sheet date of unprocessed items to be consumed in the manufacturing or production process. Also includes purchased parts that will be used as components of a finished product. | Toyota Motor Corp.'s raw materials increased from 2009 to 2010 and from 2010 to 2011. |
| Work in process | Carrying amount as of the balance sheet date of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing. | Toyota Motor Corp.'s work in process declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level. |
| Supplies and other | Carrying amount as of the balance sheet date of products used directly or indirectly in the manufacturing or production process, which may or may not become part of the final product. May also include items used in the storage, presentation or transportation of physical goods. | Toyota Motor Corp.'s supplies and other increased from 2009 to 2010 and from 2010 to 2011. |
| Inventories | Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). | Toyota Motor Corp.'s inventories increased from 2009 to 2010 but then slightly declined from 2010 to 2011. |
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Adjusting LIFO Inventory to FIFO (Current) Cost
USD $ in millions, translated from JPY ￥
| Mar 31, 2011 | Mar 31, 2010 | Mar 31, 2009 | Mar 31, 2008 | Mar 31, 2007 | Mar 31, 2006 | ||
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| Adjustment to Inventories | |||||||
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Inventories at LIFO (as reported) | |
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Add: LIFO reserve, ending balance | |
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Inventories at FIFO (adjusted) | |
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| Adjustment to Current Assets | |||||||
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Current assets (as reported) | |
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Add: LIFO reserve, ending balance | |
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Current assets (adjusted) | |
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| Adjustment to Total Assets | |||||||
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Total assets (as reported) | |
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Add: LIFO reserve, ending balance | |
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Total assets (adjusted) | |
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| Adjustment to Toyota Motor Corporation Shareholders’ Equity | |||||||
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Toyota Motor Corporation shareholders’ equity (as reported) | |
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Add: LIFO reserve, ending balance | |
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Toyota Motor Corporation shareholders’ equity (adjusted) | |
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| Adjustment to Net Income (loss) Attributable To Toyota Motor Corporation | |||||||
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Net income (loss) attributable to Toyota Motor Corporation (as reported) | |
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Add: Increase (decrease) in LIFO reserve, ending balance | |
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Net income (loss) attributable to Toyota Motor Corporation (adjusted) | |
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Toyota Motor Corp.'s inventory value on Mar 31, 2011 would be $17,695 (in millions) if the FIFO inventory method was used instead of LIFO. Toyota Motor Corp.'s inventories, valued on a LIFO basis, on Mar 31, 2011 were $16,943 . Toyota Motor Corp.'s inventories would have been $753 higher than reported on Mar 31, 2011 if the FIFO method had been used instead.
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Toyota Motor Corp., adjusted ratios
| Mar 31, 2011 | Mar 31, 2010 | Mar 31, 2009 | Mar 31, 2008 | Mar 31, 2007 | Mar 31, 2006 | ||
|---|---|---|---|---|---|---|---|
| Current Ratio | |||||||
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Reported current ratio (LIFO) | |
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Adjusted current ratio (FIFO) | |
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| Net Profit Margin | |||||||
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Reported net profit margin (LIFO) | % |
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Adjusted net profit margin (FIFO) | % |
% |
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| Total Asset Turnover | |||||||
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Reported total asset turnover (LIFO) | |
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Adjusted total asset turnover (FIFO) | |
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| Financial Leverage | |||||||
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Reported financial leverage (LIFO) | |
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Adjusted financial leverage (FIFO) | |
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| Return on Equity (ROE) | |||||||
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Reported ROE (LIFO) | % |
% |
% |
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Adjusted ROE (FIFO) | % |
% |
% |
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| Return on Assets (ROA) | |||||||
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Reported ROA (LIFO) | % |
% |
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Adjusted ROA (FIFO) | % |
% |
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| Ratio | Description | The company |
|---|---|---|
| Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by current liabilities. | Toyota Motor Corp.'s adjusted current ratio improved from 2009 to 2010 but then slightly deteriorated from 2010 to 2011 not reaching 2009 level. |
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Toyota Motor Corp.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011. |
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Toyota Motor Corp.'s adjusted total asset turnover deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011. |
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Toyota Motor Corp.'s adjusted financial leverage increased from 2009 to 2010 but then declined significantly from 2010 to 2011. |
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity. | Toyota Motor Corp.'s adjusted ROE improved from 2009 to 2010 and from 2010 to 2011. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Toyota Motor Corp.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011. |
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| Mar 31, 2011 | Mar 31, 2010 | Mar 31, 2009 | Mar 31, 2008 | Mar 31, 2007 | Mar 31, 2006 | ||
|---|---|---|---|---|---|---|---|
| As Reported | |||||||
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Current assets (USD $ in millions, translated from JPY ￥) | |
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Current liabilities (USD $ in millions, translated from JPY ￥) | |
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Current ratio1 | |
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| Adjusted: from LIFO to FIFO | |||||||
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Adjusted current assets (USD $ in millions, translated from JPY ￥) | |
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Current liabilities (USD $ in millions, translated from JPY ￥) | |
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Adjusted current ratio2 | |
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2011 Calculations
1 Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by current liabilities. | Toyota Motor Corp.'s adjusted current ratio improved from 2009 to 2010 but then slightly deteriorated from 2010 to 2011 not reaching 2009 level. |
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| Mar 31, 2011 | Mar 31, 2010 | Mar 31, 2009 | Mar 31, 2008 | Mar 31, 2007 | Mar 31, 2006 | ||
|---|---|---|---|---|---|---|---|
| As Reported | |||||||
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Net income (loss) attributable to Toyota Motor Corporation (USD $ in millions, translated from JPY ￥) | |
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Net revenues (USD $ in millions, translated from JPY ￥) | |
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Net profit margin1 | % |
% |
% |
% |
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| Adjusted: from LIFO to FIFO | |||||||
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Adjusted net income (loss) attributable to Toyota Motor Corporation (USD $ in millions, translated from JPY ￥) | |
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Net revenues (USD $ in millions, translated from JPY ￥) | |
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Adjusted net profit margin2 | % |
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2011 Calculations
1 Net profit margin = 100 × Net income (loss) attributable to Toyota Motor Corporation ÷ Net revenues
= 100 × ÷ = %
2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Toyota Motor Corporation ÷ Net revenues
= 100 × ÷ = %
| Ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Toyota Motor Corp.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011. |
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| Mar 31, 2011 | Mar 31, 2010 | Mar 31, 2009 | Mar 31, 2008 | Mar 31, 2007 | Mar 31, 2006 | ||
|---|---|---|---|---|---|---|---|
| As Reported | |||||||
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Net revenues (USD $ in millions, translated from JPY ￥) | |
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Total assets (USD $ in millions, translated from JPY ￥) | |
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Total asset turnover1 | |
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| Adjusted: from LIFO to FIFO | |||||||
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Net revenues (USD $ in millions, translated from JPY ￥) | |
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Adjusted total assets (USD $ in millions, translated from JPY ￥) | |
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Adjusted total asset turnover2 | |
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2011 Calculations
1 Total asset turnover = Net revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Toyota Motor Corp.'s adjusted total asset turnover deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011. |
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| Mar 31, 2011 | Mar 31, 2010 | Mar 31, 2009 | Mar 31, 2008 | Mar 31, 2007 | Mar 31, 2006 | ||
|---|---|---|---|---|---|---|---|
| As Reported | |||||||
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Total assets (USD $ in millions, translated from JPY ￥) | |
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Toyota Motor Corporation shareholders’ equity (USD $ in millions, translated from JPY ￥) | |
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Financial leverage1 | |
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| Adjusted: from LIFO to FIFO | |||||||
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Adjusted total assets (USD $ in millions, translated from JPY ￥) | |
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Adjusted toyota Motor Corporation shareholders’ equity (USD $ in millions, translated from JPY ￥) | |
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Adjusted financial leverage2 | |
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2011 Calculations
1 Financial leverage = Total assets ÷ Toyota Motor Corporation shareholders’ equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted toyota Motor Corporation shareholders’ equity
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Toyota Motor Corp.'s adjusted financial leverage increased from 2009 to 2010 but then declined significantly from 2010 to 2011. |
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| Mar 31, 2011 | Mar 31, 2010 | Mar 31, 2009 | Mar 31, 2008 | Mar 31, 2007 | Mar 31, 2006 | ||
|---|---|---|---|---|---|---|---|
| As Reported | |||||||
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Net income (loss) attributable to Toyota Motor Corporation (USD $ in millions, translated from JPY ￥) | |
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Toyota Motor Corporation shareholders’ equity (USD $ in millions, translated from JPY ￥) | |
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ROE1 | % |
% |
% |
% |
% |
% |
| Adjusted: from LIFO to FIFO | |||||||
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Adjusted net income (loss) attributable to Toyota Motor Corporation (USD $ in millions, translated from JPY ￥) | |
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Adjusted toyota Motor Corporation shareholders’ equity (USD $ in millions, translated from JPY ￥) | |
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Adjusted ROE2 | % |
% |
% |
% |
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2011 Calculations
1 ROE = 100 × Net income (loss) attributable to Toyota Motor Corporation ÷ Toyota Motor Corporation shareholders’ equity
= 100 × ÷ = %
2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to Toyota Motor Corporation ÷ Adjusted toyota Motor Corporation shareholders’ equity
= 100 × ÷ = %
| Ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity. | Toyota Motor Corp.'s adjusted ROE improved from 2009 to 2010 and from 2010 to 2011. |
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| Mar 31, 2011 | Mar 31, 2010 | Mar 31, 2009 | Mar 31, 2008 | Mar 31, 2007 | Mar 31, 2006 | ||
|---|---|---|---|---|---|---|---|
| As Reported | |||||||
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Net income (loss) attributable to Toyota Motor Corporation (USD $ in millions, translated from JPY ￥) | |
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Total assets (USD $ in millions, translated from JPY ￥) | |
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ROA1 | % |
% |
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| Adjusted: from LIFO to FIFO | |||||||
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Adjusted net income (loss) attributable to Toyota Motor Corporation (USD $ in millions, translated from JPY ￥) | |
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Adjusted total assets (USD $ in millions, translated from JPY ￥) | |
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Adjusted ROA2 | % |
% |
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2011 Calculations
1 ROA = 100 × Net income (loss) attributable to Toyota Motor Corporation ÷ Total assets
= 100 × ÷ = %
2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to Toyota Motor Corporation ÷ Adjusted total assets
= 100 × ÷ = %
| Ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Toyota Motor Corp.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011. |
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