Annual Report 2012


>> P.64

THOUSANDSOFU.S.DOLLARS2012WITHIN1YEAROVER1YEARWITHIN5YEARSOVER5YEARSWITHIN10YEARSOVER10YEARSCASHANDDEPOSITS$1,176,518$—$—$—ACCOUNTSANDNOTESRECEIVABLE—TRADE947,743———INVESTMENTSINSECURITIESHELD-TO-MATURITYSECURITIES:(1)GOVERNMENTANDMUNICIPALBONDS121212—(2)CORPORATEBONDS13,749———TOTAL$2,138,022$12$12$—15.DERIVATIVESANDHEDGINGACTIVITIESTHECOMPANYANDITSCONSOLIDATEDSUBSIDIARIESHAVEDERIVATIVESCONTRACTSSUCHASFOREIGNCURRENCYEXCHANGECONTRACTS,ANDCURRENCYSWAPSANDCURRENCYOPTIONSPOSITIONSTOMINIMIZETHEIMPACTOFflUCTUATIONINFOREIGNEXCHANGERATESONFORECASTEDFOREIGNCURRENCYTRANSACTIONS.THECOM-PANYANDITSCONSOLIDATEDSUBSIDIARIESHAVEALSOENTEREDINTOINTEREST-RATESWAPSTOMINIMIZETHEIMPACTOFflUCTUATIONININTERESTRATESRELATEDTOTHEIROUTSTANDINGDEBTANDLEASETRANSACTIONS.INADDITION,THECOMPANYANDITSCONSOLIDATEDSUBSIDIARIESHAVEENTEREDINTOBUNKERFUELSWAPSANDFORWARDFREIGHTAGREEMENTSINORDERTOMINIMIZETHEIMPACTOFMARKETMOVEMENTS.THEESTIMATEDFAIRVALUEOFTHEDERIVATIVESPOSITIONSOUTSTANDINGQUALIFYINGFORDEFERRALHEDGEACCOUNTINGMARCH31,2012AND2011ARESUMMARIZEDASFOLLOWS:CURRENCY-RELATEDTRANSACTIONSMILLIONSOFYEN2012METHODOFHEDGEACCOUNTINGTRANSACTIONMAJORHEDGEDITEMCONTRACTVALUE(NOTIONALPRINCIPALAMOUNT)CONTRACTVALUE(NOTIONALPRINCIPALAMOUNT)OVERONEYEARESTIMATEDFAIRVALUEDEFERRALHEDGEFORWARDEXCHANGECONTRACTBUYING:USDCAPITALEXPENDITURES¥65,375¥26,169¥(3,663)JPYCAPITALEXPENDITURES5,800—(564)EURCAPITALEXPENDITURES342—4AUDFORECASTEDFOREIGNCURRENCYTRANSACTIONS608—(0)SGDFORECASTEDFOREIGNCURRENCYTRANSACTIONS2,827—(13)SELLING:USDFORECASTEDFOREIGNCURRENCYTRANSACTIONS9,831—(170)CURRENCYSWAPSRECEIVINGUSD,PAYINGJPYCHARTERINGEXPENSEANDLEASEEXPENSE299,034273,148(36,215)RECEIVINGUSD,PAYINGEURCHARTERINGEXPENSE2,8272,14655CURRENCYOPTIONSPOSITIONSBUYING-CALL:USDLEASEEXPENSE,OTHERS160—(30)PUT:USDACCOUNTSRECEIVABLE—TRADE214—3SELLING-CALL:USDACCOUNTSRECEIVABLE—TRADE214—(8)TOTAL¥387,232¥301,463¥(40,601)64ANNUALREPORT2012


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